An Ohio buyer's purchase agreement includes a seller concession of $8,000 toward closing costs on a $340,000 sale. How does this concession affect the conveyance fee calculation?
Correct Answer
A) The conveyance fee is calculated on the full $340,000 sale price
In Ohio, the conveyance fee is calculated on the full sale price stated in the purchase agreement, not reduced by seller concessions. Seller concessions toward closing costs are credits applied within the transaction but do not change the stated sale price for conveyance fee purposes.
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