Contracts
In Ohio, a 'right of redemption' allows a foreclosed property owner to:
ARedeem the property anytime after the sheriff's sale by paying the purchase price
BReclaim the property within the redemption period by paying the full debt before the sale✓ Correct
CStay in the property for free after foreclosure
DAppeal the foreclosure to a state agency
Explanation
Ohio's equity of redemption allows the borrower to pay off the entire debt and reclaim the property before the sheriff's sale. Ohio also provides a short statutory redemption period after the confirmation of sale in some circumstances.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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