An Ohio borrower defaults on a land contract where they have paid less than 20% of the purchase price. Under Ohio law (ORC §5313), the seller may reclaim the property through:
Correct Answer
C) Forfeiture proceedings after giving proper notice to the buyer
Under ORC §5313, when a land contract buyer has paid less than 20% of the purchase price and is less than 5 years into possession, the seller may use forfeiture proceedings after providing proper notice to the buyer. Forfeiture allows the seller to reclaim the property and retain all payments made.
Why This Is the Correct Answer
Why the Other Options Are Wrong
Deep Analysis of This Oh Financing Closing Question
Background Knowledge for Oh Financing Closing
Real World Application in Oh Financing Closing
Common Mistakes to Avoid on Oh Financing Closing Questions
Related Topics & Key Terms
Key Terms:
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.
Predatory lending refers to unfair, deceptive, or abusive lending practices that impose unjustified terms on borrowers, often targeting vulnerable populations. It includes practices like excessive fees, inflated appraisals, and unnecessary refinancing.
RESPA is a federal law that requires lenders to provide borrowers with information about settlement costs, prohibits kickbacks and referral fees, and limits escrow account deposits. It applies to federally related mortgage loans.
More Oh Financing Closing Questions
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?
A buyer purchases a home in Ohio for $240,000 with a 20% down payment. What is the loan amount?
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, 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: