Property Ownership
In Ohio, which document creates legal title in a grantee and is used to convey ownership at a real estate closing?
ATitle insurance policy
BDeed✓ Correct
CPromissory note
DClosing Disclosure
Explanation
A deed is the legal instrument used to convey ownership of real property. It must be signed by the grantor, acknowledged (notarized), and delivered and accepted to be legally effective.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
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