Buying or selling your house does not need to be difficult, as long as you understand the basics of an Ohio residential purchase agreement. Prospective buyers and sellers need to make sure that they have done their homework on all important aspects of the sale, such as:
- The purchase price
- Title insurance
- All required disclosures
- Contingencies that both parties agree on before the transfer of ownership
- Closing date
All the information you need about these important aspects of Ohio real estate purchase agreements can be found at doorloop.com. Visit the website now and download the forms and templates that you need!
Ohio Residential Purchase Agreement
Buying real estate is a huge commitment that requires that both parties agree on the specific terms and conditions of the transaction. An Ohio residential purchase and sale agreement is a binding legal document that insures that both the buyer and the seller stick to the terms outlined in the contract.
Before you rush to make a real estate purchase and sign the contract, remember the following important aspects:
- You will need a real estate agent or attorney to help you with your Ohio real estate purchase agreement
- The disclosure form must be included to highlight any known issues
- Both parties must sign and date the sale agreement to make it legally binding
How To Write One
With one of the great templates from doorloop.com, writing an Ohio real estate purchase agreement is easy. Follow these steps:
- Provide details of both parties
- Include a full property description
- If any fixtures are attached to the property, include these as well
- Specify the purchase price and terms of the sale agreement
- Mention all additional contingencies
- Note down the financing used by the seller
- Agree on the Ernest Money amount
- Add any important disclosures
- Include inspections, surveys, and title insurance
- Agree on the closing date
Any known issues with the property need to be addressed and mentioned in the form of a disclosure statement, such as:
- Property Disclosure Form - To Inform buyers of previously repaired or existing issues
- Lead-Based Paint Disclosure - Must be included for all properties built before 1978
Why Would a Potential Buyer Terminate a Purchase Agreement?
There are many reasons to terminate purchase agreements, such as:
- Undisclosed easements
- Failure to sell their home
- Unable to obtain financing
- Major structural defects or failed inspections
What Fixtures May Be Included in a Home Sale Agreement?
The following may be included in the house sale agreement:
- Wall-to-wall carpeting
- Light fittings
- Built-in appliances
What Is a Transfer Tax on Property?
This is the tax collected by most states, including Ohio, for real estate transfer of ownership
What Is a Warranty Deed?
A warranty deed grants title to real estate from the seller to the buyer and can be obtained at the County Recorder’s Office.