Under Ohio law, all of the following liens have priority over a recorded first mortgage EXCEPT:
Correct Answer
D) A judgment lien recorded after the first mortgage
A judgment lien recorded after the first mortgage does NOT have priority over the first mortgage. Under Ohio's recording statute, the first-in-time, first-in-right principle applies to most liens. A subsequently recorded judgment lien is junior to the first mortgage.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
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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Under Ohio law, a mortgage lender must provide a satisfaction of mortgage within a reasonable time after the loan is paid in full. Under ORC §5301.36, if the lender fails to provide the satisfaction within the required timeframe, the lender may be liable for:
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In Ohio, a borrower obtains a mortgage loan and wants the mortgage to be enforceable against third parties. To achieve this, the borrower should ensure the mortgage is: