A land contract (contract for deed) is being used for a property sale in Ohio. The buyer makes installment payments over 10 years. When is the conveyance fee due?
Correct Answer
B) When the deed is delivered and recorded at the conclusion of the contract
In Ohio, the conveyance fee is due when the deed is presented to the County Auditor for transfer and recording. In a land contract, the deed is typically delivered when the buyer completes all payments. The fee is based on the total sale price at the time of deed transfer.
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Under Ohio law, the DTE 100 (Real Property Conveyance Fee Statement of Value) must include all of the following information EXCEPT:
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A bank acquires an Ohio property through a mortgage foreclosure. The bank later sells the property for $180,000. Regarding conveyance fees for these two transactions, which statement is correct?