A married couple in Ohio is refinancing their mortgage. The new lender requires the couple to add the property to a living trust they have created. This transfer from the couple to their own living trust requires:
Correct Answer
B) No conveyance fee because the transfer is to the grantors' own revocable living trust
Under ORC §319.54(G)(3), a transfer from grantors to their own revocable living trust is exempt from the conveyance fee. This is because the beneficial ownership does not change — the trustors remain the beneficial owners of the property held in trust.
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Previous Question
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?
Next Question
At an Ohio real estate closing, the title company discovers that the County Auditor's records show the property has a different legal description than what appears on the deed being conveyed. What impact does this have on the conveyance fee process?