An Ohio property sells for $500. Under Ohio's conveyance fee structure, what fee would be charged?
Correct Answer
A) $0.50
Ohio's conveyance fee is calculated strictly on the sale price at $1.00 per $1,000 (state fee only, assuming no county permissive fee). For a $500 sale: $500 / $1,000 × $1.00 = $0.50. There is no minimum threshold or minimum fee amount in the statute.
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Previous Question
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?
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A real estate developer in Ohio sells a newly constructed home. The sale price is $380,000. At closing, the developer realizes the conveyance fee was accidentally omitted from the settlement statement. The closing agent should: