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?
Correct Answer
A) The foreclosure transfer is exempt, but the bank's subsequent sale to a third party is subject to the conveyance fee
Under ORC §319.54(G)(3), a transfer pursuant to a court-ordered foreclosure (sheriff's sale) is typically exempt from the conveyance fee. However, when the bank subsequently sells the property to a third party in an arm's-length transaction, that sale is subject to the full conveyance fee.
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