In Ohio, when a property is sold at a sheriff's sale, the new owner receives a sheriff's deed. Compared to a general warranty deed, a sheriff's deed provides:
Correct Answer
C) No warranties of title—it conveys only whatever interest the former owner had
A sheriff's deed provides no warranties of title. It conveys only whatever interest the former owner had in the property at the time of foreclosure. This is similar to a quitclaim deed in that the purchaser takes the property 'as is' regarding title quality.
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In the context of foreclosure, a deed transfers ownership of the foreclosed property to the new owner, typically the buyer at a foreclosure sale.
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit scores than conventional loans. It is designed to help first-time homebuyers and borrowers with limited resources.
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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: