Is it illegal to use a deed of trust in the sale of real estate in OHIO?

Dear lucyfur-ga,

I believe the answer to you question is, no. It is not illegal to use
a deed of trust in the sale of real estate in Ohio. However, I would
take the matter under advisement with a real estate attorney if there
are more complicated issues than you have mentioned here. I searched
the Ohio revised statutes for both Deed of Trust and Deed of Trust as
it relates to real estate sales. The statutes cited below both refer
to and acknowledge the use of deeds of trust in real estate
transcations in the state of Ohio. However, the typical security
instrument used many HUD transactions is a mortgage deed.

Ohio Revised Statutes

§ 5301.01 Acknowledgment of deed, mortgage, land contract, lease or
memorandum of trust.

1151.292 Procedures and limitations for real estate loans.  

§ 1161.38 Required procedures in making real estate loans.  


Links:

Ohio Revised Code (Searchable database)
http://onlinedocs.andersonpublishing.com/revisedcode/


ACTION CONSIDERED BY THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
AS THE FIRST LEGAL ACTION TO COMMENCE (INSTITUTE) FORECLOSURE
http://www.usfn.org/topics/downloads/HUD_first_legal_action.doc


Hope this helps.
cynabun-ga

Although, I didn't rate this answer 5 star, I will admit the question
wasn't as easy as it would appear to be. However, go see an attorney
,isn't worth 10 bucks. The Ohio statutes could have been researched to
a greater depth.

You may find the following link, from the CitiMortgage website, to be informative.
http://www.citimortgage.com/glossary/deedoftrust.htm