Under Ohio law, all of the following transactions are exempt from the conveyance fee EXCEPT:
Correct Answer
C) A standard arm's-length sale of residential property between unrelated parties
A standard arm's-length sale between unrelated parties is a taxable event subject to the Ohio conveyance fee. This is the primary type of transaction that the conveyance fee applies to.
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More Oh Financing Closing Questions
An Ohio seller agrees to pay 3% of the buyer's closing costs as a concession on a $300,000 sale. What is the seller's closing cost concession?
A buyer purchases a home in Ohio for $240,000 with a 20% down payment. What is the loan amount?
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In Ohio, after the deed is recorded, the county recorder assigns the document a recording reference number. This number is important because it:
In Ohio, the conveyance fee is paid at the time of:
- → In Ohio, property tax prorations at closing are typically calculated based on:
- → In Ohio, the conveyance fee (transfer tax) on real estate transfers is calculated at a base rate of:
- → In Ohio, the conveyance fee statement (DTE 100 form) must be filed with the county auditor when transferring real property. This form requires disclosure of:
- → In Ohio, the real estate closing process is commonly referred to as:
- → In many Ohio counties, closings are conducted by title companies or attorneys. Which statement about attorney involvement in Ohio closings is MOST accurate?
- → In Ohio, certain counties utilize the Auditor's Transfer Acknowledgment process. When submitting a deed for recording, the conveyance fee statement (DTE form) must accurately state the consideration. If the stated consideration is found to be fraudulently understated to reduce the conveyance fee, the seller may face:
- → In Ohio, some counties have adopted the Torrens system of title registration in addition to the standard recording system. Under the Torrens system, title to property is established by:
- → Under Ohio closing practices, all of the following documents are typically executed or delivered at closing EXCEPT:
- → An Ohio property is being sold by an estate. The executor of the estate needs to sign the deed. Under Ohio law, the executor's authority to convey real property is governed by:
- → In Ohio, property taxes are paid in arrears. A property closes on July 15. The annual property tax is $4,800, and the tax year runs January 1 to December 31. At closing, which statement is MOST accurate regarding the tax proration?
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