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:
Correct Answer
C) The full sale price of $545,000, resulting in a fee of $708.50
In Ohio, the conveyance fee is calculated on the full sale price (total consideration), regardless of whether the buyer assumes an existing mortgage. $545,000 / $1,000 × $1.30 = $708.50. The assumption of a mortgage is considered part of the total consideration.
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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?
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