An Ohio seller agrees to provide seller financing to a buyer with a 10-year balloon payment. The seller takes back a mortgage on the property. Under Ohio law, this seller-financed mortgage:
Correct Answer
D) Must comply with the same recording requirements as institutional mortgages
Seller-financed mortgages in Ohio must comply with the same recording requirements as institutional mortgages. They must be properly executed, acknowledged (notarized), and recorded with the county recorder to establish the lien and provide constructive notice.
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Related Topics & Key Terms
Key Terms:
Related Concepts
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
More Oh Financing Closing Questions
An Ohio homeowner dies with an existing mortgage on their property. Under Ohio law, what happens to the mortgage?
An Ohio buyer is comparing a 15-year fixed mortgage to a 30-year fixed mortgage for the same loan amount. Which statement is MOST accurate?
An Ohio seller agrees to pay 3% of the buyer's closing costs as a concession on a $300,000 sale. What is the seller's closing cost concession?
An Ohio property has an assessed value of $140,000. The local tax rate (millage rate) is 80 mills. What is the annual property tax?
In Ohio, the conveyance fee is paid at the time of:
- → In Ohio, the conveyance fee statement (DTE 100 form) must be filed with the county auditor when transferring real property. This form requires disclosure of:
- → In Ohio, property tax prorations at closing are typically calculated based on:
- → In Ohio, the conveyance fee (transfer tax) on real estate transfers is calculated at a base rate of:
- → In Ohio, the real estate closing process is commonly referred to as:
- → In many Ohio counties, closings are conducted by title companies or attorneys. Which statement about attorney involvement in Ohio closings is MOST accurate?
- → In Ohio, certain counties utilize the Auditor's Transfer Acknowledgment process. When submitting a deed for recording, the conveyance fee statement (DTE form) must accurately state the consideration. If the stated consideration is found to be fraudulently understated to reduce the conveyance fee, the seller may face:
- → In Ohio, some counties have adopted the Torrens system of title registration in addition to the standard recording system. Under the Torrens system, title to property is established by:
- → Under Ohio law, all of the following transactions are exempt from the conveyance fee EXCEPT:
- → An Ohio property is being sold by an estate. The executor of the estate needs to sign the deed. Under Ohio law, the executor's authority to convey real property is governed by:
- → In Ohio, the conveyance fee (transfer tax) is typically paid by which party at closing?
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Previous Question
Under Ohio's land contract statute (ORC §5313), if a buyer under a land contract has paid more than 20% of the purchase price and the buyer defaults, the seller:
Next Question
Lisa refinances her Ohio home, paying off the original mortgage with a new loan from a different lender. Under Ohio law, the proper sequence of recorded documents should be: