An Ohio property owner gifts a $300,000 property to his adult daughter. No money changes hands. How is the conveyance fee handled?
Correct Answer
C) No conveyance fee is due because the transfer is a gift with no monetary consideration
Under ORC §319.54(G)(3), a bona fide gift of real property where no consideration is exchanged is exempt from the conveyance fee. The DTE 100 form must still be filed indicating the transfer is exempt, but no fee is owed.
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A buyer in Geauga County, Ohio purchases a property for $310,000. The buyer's attorney discovers that the DTE 100 form has not been completed. Which consequence is MOST likely if the form is not submitted?
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The revenue collected from Ohio's state conveyance fee is distributed to: