Chapter 8 - Property Transactions Flashcards
What is the most common method of real property conveyance?
Conveyance by deed.
What type of title does ‘A to B and his heirs’ create?
Fee simple absolute.
Who must sign a deed for it to be valid?
Only the grantor.
What makes a General Warranty Deed the ‘Cadillac of Deeds’?
Grantor guarantees good title and agrees to defend it.
What does a Quit Claim Deed provide?
Only transfers whatever interest the grantor has — no guarantees.
Name the 5 requirements for adverse possession in Ohio.
Actual, Open, Hostile, Exclusive, Continuous (21 years).
In a land installment contract, when does the buyer get title?
After all payments are made.
What does an ‘As Is, With All Faults’ clause protect the seller from?
Liability for defects discoverable by reasonable inspection.
What is the purpose of a title exam?
To disclose ownership and all liens on the property.
What is escrow used for in real estate transactions?
To hold money and documents safely until closing.
What must be recorded at closing to finalize a sale?
Lien releases, warranty deed, and mortgage deed.
Who gets paid first in a foreclosure sale?
Court costs and property taxes.
What does the Sheriff’s Deed do after a foreclosure?
Transfers legal title to the successful bidder.
What right does the IRS have after a foreclosure sale?
120-day right of redemption.
What happens to lienholders who don’t respond to the foreclosure complaint?
They are barred from asserting any interest in the property.
What is an easement in real estate?
A right to use or restrict use of someone else’s land.
What does it mean for an easement to “run with the land”?
It remains attached to the property, binding all future owners.
What is a positive easement?
A right to affirmatively use another’s land (e.g., driveway, utilities).
What is a negative easement?
A restriction that prevents the landowner from doing something (e.g., blocking light or views).
What is an easement by express grant?
A written and recorded easement where the landowner grants rights to another.
What is an easement by express reservation?
A landowner sells land but reserves an easement for themselves.
What is an easement by prescription?
An easement acquired through unauthorized, long-term use — similar to adverse possession.
What are the 5 requirements for a prescriptive easement in Ohio?
Actual, Open, Hostile, Exclusive, Continuous use for 21 years.
