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. 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. 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).
Several copies should be signed to provide a copy to the seller, one for the buyer and other copies for tax matters. Copies of this contract should be kept by both parties. 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.