An Ohio buyer purchases a property for $550,000. The purchase agreement includes $50,000 in personal property (appliances, furniture). The buyer's attorney argues that the conveyance fee should be calculated only on the real property portion. Which statement is correct?
Correct Answer
B) The conveyance fee is calculated on the real property value of $500,000 if the personal property is separately identified and reasonably valued on the DTE 100
In Ohio, the conveyance fee applies to the transfer of real property. If personal property is separately identified and reasonably valued on the DTE 100 form, the conveyance fee may be calculated on the real property portion only ($500,000). However, the County Auditor reviews the allocation for reasonableness and may challenge artificially inflated personal property values.
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A property in Ohio is sold at auction by the county due to delinquent taxes. The winning bid is $45,000. Is the conveyance fee applicable to this auction sale?
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