A title company in Ohio handles a closing where the property is being sold by an estate. The executor provides a fiduciary deed. Regarding the conveyance fee:
Correct Answer
A) The fee applies if the estate is selling the property for consideration to a third party
When an estate sells property to a third party for consideration, the conveyance fee applies regardless of the type of deed used. A fiduciary deed is simply the type of deed an executor uses; it does not create a fee exemption. The exemption for estate transfers applies only to distributions to heirs/beneficiaries, not to sales.
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Under Ohio law, the conveyance fee is calculated based on the sale price. All of the following may reduce the amount subject to the fee EXCEPT:
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A newly licensed Ohio real estate agent is studying for her continuing education. She learns that Ohio counties may adopt a permissive conveyance fee. This county fee requires approval by: