In Ohio, the conveyance fee is paid at the time of:
Correct Answer
D) The deed is presented for recording at the county recorder's office
The Ohio conveyance fee is paid when the deed is presented for recording at the county recorder's office. The county auditor collects the fee before the deed is accepted for recording. The fee must be paid as a condition of recording the deed.
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Related Topics & Key Terms
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Related Concepts
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
In the context of foreclosure, a deed transfers ownership of the foreclosed property to the new owner, typically the buyer at a foreclosure sale.
More Oh Financing Closing Questions
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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, 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:
- → Under Ohio law, all of the following transactions are exempt from the conveyance fee EXCEPT:
- → 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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Previous Question
A property in Cuyahoga County, Ohio closes on March 15. The annual property tax is $6,000, and Ohio property taxes are paid in arrears. Using a 365-day year, what is the seller's property tax proration credit to the buyer at closing (January 1 through March 14)?
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At an Ohio closing, the title company discovers a cloud on the title—a previously undisclosed mechanics lien. Under Ohio practice, the closing agent should: