At a typical Ohio real estate closing, the seller is responsible for all of the following costs EXCEPT:
Correct Answer
B) The buyer's lender's title insurance policy premium
The buyer's lender's title insurance policy premium is typically the buyer's responsibility in Ohio, as it is required by the buyer's lender to protect the lender's interest. The buyer pays for this as part of their closing costs.
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Related Concepts
A comparison of the major mortgage loan types—conventional, FHA, VA, and USDA—covering their eligibility requirements, down payment amounts, mortgage insurance rules, and best use cases.
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More Oh Financing Closing Questions
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A buyer purchases a home in Ohio for $240,000 with a 20% down payment. What is the loan amount?
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In Ohio, after the deed is recorded, the county recorder assigns the document a recording reference number. This number is important because it:
In Ohio, the conveyance fee is paid at the time 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 conveyance fee statement (DTE 100 form) must be filed with the county auditor when transferring real property. This form requires disclosure 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 closing practices, all of the following documents are typically executed or delivered at closing 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:
- → Under Ohio law, all of the following transactions are exempt from the conveyance fee EXCEPT:
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Previous Question
At an Ohio closing, the buyer's lender requires a lender's title insurance policy (mortgagee's policy). The buyer also wants an owner's title insurance policy. Under Ohio practice, which statement is CORRECT?
Next Question
In Ohio, after the deed is recorded, the county recorder assigns the document a recording reference number. This number is important because it: