In Ohio, sellers must enter into a real estate purchase agreement and the following disclosure statement in order for them to be considered legally binding: the contract to purchase and sell residential real estate in Ohio is a document used by a licensed real estate owner or real estate agent during the purchase of real estate. 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. If both parties agree to the terms and sign the contract before the contract expires, the document will be completed and legally binding. 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. 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 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. 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.
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). 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.