During a real estate closing in Ohio, the buyer's agent notices that the seller has not paid the current year's first-half property taxes. Under Ohio practice, how is this typically handled?
Correct Answer
A) The seller pays all delinquent taxes at or before closing from proceeds
In Ohio real estate closings, unpaid property taxes are typically paid by the seller from the sale proceeds at closing. Ohio law requires conveyance fee payments and any delinquent taxes to be resolved at or before closing. The title company or closing agent ensures taxes are current before disbursing funds.
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Previous Question
Maria is a 72-year-old Ohio homeowner with a household income of $40,000. She applies for the Homestead Exemption and is approved. Under the current Ohio Homestead Exemption program, which of the following BEST describes the benefit she receives?
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A commercial property owner in Lucas County, Ohio files a complaint with the Board of Revision to reduce the assessed value. The local school district, concerned about revenue loss, also files a counter-complaint. Under Ohio law, which statement is correct?