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. If both parties agree to the terms and sign the contract before the contract expires, the document will be completed and legally binding. 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. 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. 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. 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).