The Ohio residential purchase and sale agreement is an agreement between a buyer and a seller that lays out the terms and conditions required to transfer ownership of a property. Once both parties agree to the conditions in the document, they may both sign it and legally transfer the property.
It should be noted that before the sale is complete, the seller must provide a disclosure document detailing the condition of the property including any know defects that may affect the buyer’s decision to purchase. If this disclosure statement is not provided, the seller may rescind their offer without facing any financial consequences.
Lead-Based Paint – An EPA-approved pamphlet must be provided to prospective buyers as well as this disclosure form revealing the presence of lead-based paint on the property. Note that this is only required if the building was constructed before 1978.
Property Disclosure Statement (§ 5302.30) – This should be provided to the buyer informing them of the general condition of the property, its utilities, and any known issues or defects. The buyer may revoke their offer if this document is not provided to them.
