An Ohio buyer purchasing a home for $425,000 asks the real estate agent how Ohio's conveyance fee compares to transfer taxes in other states. The agent correctly states:
Correct Answer
B) Ohio's state rate of $1.00 per $1,000 plus up to $0.30 county fee is relatively low compared to many states
Ohio's combined conveyance fee of $1.00–$1.30 per $1,000 (0.10%–0.13% of the sale price) is relatively low compared to many states. For example, states like New York, Pennsylvania, and Connecticut charge significantly higher transfer tax rates.
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An Ohio corporation transfers a commercial property to a newly formed subsidiary corporation. The parent corporation owns 100% of the subsidiary. What is the conveyance fee implication?
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A seller in Ohio attempts to lower the conveyance fee by listing the sale price on the DTE 100 form as $150,000 when the actual sale price is $250,000. If discovered, what are the potential consequences?