Escrow & Title
In Ohio, which document is used to transfer ownership of personal property at a real estate closing?
AWarranty deed
BBill of sale✓ Correct
CMortgage release
DClosing disclosure
Explanation
Personal property included in a real estate sale (appliances, equipment, etc.) is transferred by a bill of sale, separate from the deed that transfers real property.
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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).
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
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