Escrow & Title
What is a title plant and how is it used in Ohio?
AA physical location where titles are stored
BA privately maintained database of title records used by title insurance companies for efficient searching✓ Correct
CA government title recording system
DA software program for generating title reports
Explanation
A title plant is a privately maintained duplicate of county title records organized by property for efficient searching. Title companies use their plants to perform faster, more efficient title searches than searching county records.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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