Property Ownership
Which of the following is a 'general' warranty deed covenant included in an Ohio warranty deed under ORC Chapter 5302?
AThe property will increase in value after sale
BThe covenant of further assurance — the grantor will execute any additional documents needed to perfect title✓ Correct
CThe property is free from all environmental contamination
DThe property meets all current building codes
Explanation
The covenant of further assurance is one of the traditional covenants in a general warranty deed, requiring the grantor to execute any additional instruments needed to perfect the grantee's title.
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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).
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
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