An Ohio residential purchase agreement is a contract that establishes the terms and conditions for a real estate transaction between a buyer and seller. It includes details about the buyer, seller, property, purchase price, earnest deposit, closing date, contingencies, and required disclosures.
The agreement initiates the negotiation process by indicating the buyer’s offer. Once both parties accept and sign the agreement, a good faith deposit can be exchanged, inspections arranged, and the property ownership legally transferred.
State Laws
- Disclosure Requirement Exemptions: Certain transactions are exempt from this requirement, such as:
- Transfers pursuant to court orders (e.g., probate, bankruptcy)
- Transfers between co-owners
- Transfers to a spouse or direct descendant
- Transfers to or from a government entity [1]
Required Seller Disclosures
Lead-Based Paint Disclosure
Sellers are mandated by federal law to let the buyers know about any lead paint hazards in homes built before 1978, as stated in (42 U.S. Code § 4852d).
Seller Property Disclosure Statement
Real estate sellers must provide a disclosure form to prospective buyers. Buyers can rescind the purchase contract within three business days if they sign before receiving the disclosure.
Do Sellers in Ohio Have to Disclose Property Defects?
Yes, Ohio sellers must inform potential buyers of any known property issues, including roof leaks, electrical problems, malfunctioning appliances, and pests.
