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.
Required Seller Disclosures in Ohio
Residential real estate purchase agreements commonly contain promises and provisions guaranteeing a property’s condition. Many states legally require sellers to disclose explicit information concerning a property’s condition. In states where this is required and a seller willfully hides such information, they can be sued for fraud.
In Ohio, sellers are required to complete a real estate purchase agreement and the following disclosure statement in order for it to be considered legally binding:
Residential Property Disclosure Form. Ohio sellers are required to describe the condition of their property using this form. The completed document should be given to the buyer prior to signing a purchase agreement. If the buyer does not receive a completed disclosure statement prior to entering into a purchase agreement, they may be eligible to rescind their offer and cancel the purchase (based on any adverse or unknown information provided on the statement). (§ 5302.30)