An Ohio property owner pays taxes through an escrow account held by their mortgage lender. When the property is sold, the remaining escrow balance is typically:
Correct Answer
D) Refunded to the seller by the mortgage lender after the loan is paid off
When an Ohio property is sold and the seller's mortgage is paid off, the remaining escrow balance is refunded to the seller by the mortgage lender. The buyer establishes their own escrow account with their new lender. The refund typically occurs within 20-30 business days of loan payoff.
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