A developer in Ohio subdivides a large parcel into 20 lots and sells each lot individually. Regarding the conveyance fee for these lot sales:
Correct Answer
A) Each individual lot sale is a separate transaction subject to its own conveyance fee based on that lot's sale price
Each lot sale is a separate real estate transaction, and each one triggers its own conveyance fee based on that lot's individual sale price. There is no bulk discount or subdivision exemption from the fee.
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A seller in Ohio closes on a property sale but the title company fails to pay the conveyance fee to the County Auditor within the required timeframe. What is the MOST likely consequence?
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An Ohio property owner transfers a property to an irrevocable trust for the benefit of her minor children. She retains no beneficial interest. Is the conveyance fee applicable?