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. 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. Residential Real Estate Disclosure Form (No. 5302.30) – When selling a residential property, the owner must describe the condition of his property on the basis of this disclosure statement. The completed document must be given to the buyer before a sales contract is signed. If the buyer has not yet received disclosure at the conclusion of the contract, he may fall back from his offer and cancel the purchase. Please note that the advertising requirement does not apply in the circumstances set out in the provisions of Directive 5302.30 (B) (2). The offer includes the purchase price and the additional conditions set by the buyer. The seller is given a deadline to respond to the offer before it expires. During this period, the seller can change the conditions by making a counter-offer to the buyer.
If the two parties agree on the terms of purchase, they can sign the document in order to create a legally binding obligation to transfer ownership of the property. Lead-Based Paint Disclosure – Transmits information to buyers about the toxic paint that may have been used on a property. Homeowners built before 1978 must make this disclosure available to buyers before signing a sales contract. The Ohio sales contract indicates the complexity of a transaction in which land is exchanged for a sum of money. The document takes into account details about the buyer, seller, property, purchase price, serious deposit, closing date and contingencies. Once the negotiations are accepted by both parties and the approval of the agreement reached, a good faith bond can be exchanged and all inspections carried out before the conclusion. Lead-Based Paint Disclosure (42 U.S. Code ` 4852d) – The risks associated with lead paint must be communicated to the potential buyer of homes built before 1979. The literature indicating the nature of the dangers associated with hazardous material must be delivered to the buyer at the same time as the sales contract. In Ohio, sellers must enter into a real estate purchase agreement and the following disclosure statement so that they can be considered legally binding: this is a contract for all parties interested in the sale and purchase of real estate in the State of Ohio.
Sellers and buyers must sign this contract as soon as they have agreed on the terms of the agreement. 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. 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.