The Ohio Real Estate Purchase Contract defines the obligations of the seller and buyer. It is a legally binding document for the purchase of real estate of any kind. Read the contract carefully and let your lawyer check before you sign it. All terms of purchase must be clear and specific for you, so there will be no surprises after you have reached the agreement. This document is 4 pages long. They are all dedicated to different aspects of the agreement. If you are satisfied with the terms and price and have received legal advice, you can put your name and signature on page 4. Disclosure of Residential Real Estate (No. 5302.30) – State statutes require that a disclosure form be filled out listing all known problems that the property may submit to a buyer. The document gives the current owner the opportunity to explain problems with the structure of the house, environmental situations or limited property rights. The information provided is what the owner is known before the sale in the house and does not require the seller to obtain a professional inspection at his own expense. The contract to purchase residential real estate in Ohio („residential real estate purchase agreement”) is a contract used for the purchase of real estate when granting an offer. The agreement opens the negotiation process by indicating the buyer`s offer for the acquisition of the property.
Residential sales contracts generally contain promises and provisions that guarantee the condition of a property. Many states legally require sellers to deivate explicit information about the condition of a property. In states where this is necessary and where a seller deliberately conceals such information, they may be prosecuted for fraud. The contract to purchase and sell residential real estate in Ohio is a document used when purchasing real estate by a licensed real estate owner or real estate agent. To begin the process, a potential buyer will describe the terms of his offer in the agreement and deliver it to the seller for evaluation. The information in the document relates to the purchase price, serious money, inspection procedures, financing conditions and necessary disclosure statements (see „Related Information” below to obtain information on the information needed in Ohio). The seller can then modify the proposal by a counter-offer, unless he accepts the initial offer as it is.