A buyer in Ohio negotiates with the seller to split the conveyance fee 50/50. The contract states this agreement. Which statement is correct regarding this arrangement?
Correct Answer
B) The parties may agree to split the fee as long as the full amount is paid at closing
While the conveyance fee is customarily paid by the seller in Ohio, the parties may negotiate and agree to any arrangement for paying the fee. The critical requirement is that the full amount is paid when the deed is presented for transfer. The County Auditor does not regulate who pays the fee.
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Previous Question
A seller in Lorain County, Ohio (full county permissive fee) receives a net proceeds check of $142,000 after paying a 6% commission, $3,500 in closing costs, and the conveyance fee. What was the approximate sale price?
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An Ohio closing agent must calculate the conveyance fee for a property in Stark County (full county permissive fee) that sells for $545,000. However, the buyer assumes the seller's existing mortgage balance of $200,000. In Ohio, the conveyance fee is calculated on: