Property Ownership
Under Ohio law, what is the effect of a Transfer on Death (TOD) deed during the grantor's lifetime?
AIt transfers ownership immediately
BIt creates a life estate
CThe grantor retains full ownership and can revoke it✓ Correct
DIt requires beneficiary consent to sell
Explanation
Ohio's TOD deed (ORC 5302.22) does not transfer any interest during the grantor's lifetime.
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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).
Life EstateA freehold interest in real property that lasts only for the duration of a specified person's life.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
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