The Ohio residential real estate purchase agreement (“residential real estate purchase contract”) is a contract that is used when placing an offer to purchase real estate. The agreement initiates the negotiation process by indicating the buyer’s offer to acquire the property.
Included in the offer will be the purchase price and additional conditions established by the buyer. The seller will have an assigned period in which they can respond to the offer before it expires. During this time, the seller may alter the terms by submitting to the buyer a counteroffer. Should both parties come to an agreement on the purchase conditions, they can sign the document to create a legally binding commitment to transfer ownership of the property.
Do Sellers in Ohio Have to Disclose Property Defects?
Ohio does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.
Required Seller Disclosures in Ohio
Along with any material defects with the property, sellers in Ohio will also need to provide the following:
- Residential Property Disclosure. State statutes call for the completion of a disclosure form listing any known issues the property may present to a buyer. The document allows the current owner the opportunity to declare any problems with the structure of the home, environmental situations, or limited rights of ownership. The information provided is what the owner is aware of in the house prior to sale, and does not obligate the seller to obtain a professional inspection at their own expense.
- Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.
