A deceased Ohio property owner's estate is being settled. The executor transfers the property to the heir named in the will. Regarding the conveyance fee, which statement is correct?
Correct Answer
A) The transfer is exempt from the conveyance fee as a transfer by devise or descent
Under ORC §319.54(G)(3), transfers by devise (through a will) or descent (through intestate succession) are exempt from Ohio's conveyance fee. These are considered exempt transfers because the property passes by operation of law or testamentary disposition, not through a sale.
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Previous Question
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:
Next Question
Before a deed can be recorded in Ohio, the conveyance fee must be paid to and approved by which office?