An Ohio property closes on September 15. Annual property taxes are $5,400 and are paid in arrears. Using a 360-day year, what is the seller's property tax proration credit to the buyer (January 1 through September 15)?
Correct Answer
D) $3,825.00
Using a 360-day year (30 days per month): January through August = 8 months × 30 = 240 days. September 1-15 = 15 days. Total = 255 days. Daily rate = $5,400 ÷ 360 = $15/day. Seller's credit = 255 × $15 = $3,825.00.
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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.
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In Ohio, the conveyance fee is paid at the time of:
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