Updated on June 21st, 2023
The Ohio purchase agreement establishes the terms and conditions of a real estate transaction. The document records information about the buyer, seller, property, purchase price, earnest deposit, closing date, and contingencies. Once negotiations are accepted by both parties, and endorsement of the agreement is completed, a good faith deposit can be exchanged and inspections arranged before closing.
Lead-Based Paint Disclosure (42 U.S. Code § 4852d) – The risks involving exposure to lead-composed paint must be notified to the potential buyer of any homes built before 1979. Literature revealing the nature of the dangers associated with the hazardous material is required to be delivered to the buyer, along with the purchase agreement.
Residential Property Disclosure (§ 5302.30) – State statutes call for the completion of a disclosure form listing any known issues the property may present to a buyer. The document allows the current owner the opportunity to declare any problems with the structure of the home, environmental situations, or limited rights of ownership. The information provided is what the owner is aware of in the house prior to sale, and does not obligate the seller to obtain a professional inspection at their own expense.
Real Estate Purchase Contract – PDF