This is a contract for all parties interested in the sale and purchase of real estate in the State of Ohio. Sellers and buyers must sign this contract as soon as they have agreed on the terms of the agreement. In Ohio, sellers are required to enter into a real estate purchase agreement and the following disclosure statement so that they can be considered legally binding: the offer includes the purchase price and the additional conditions set by the buyer. The seller is given a deadline to respond to the offer before it expires. During this period, the seller can change the conditions by making a counter-offer to the buyer. If the two parties agree on the terms of purchase, they can sign the document in order to create a legally binding obligation to transfer ownership of the property. 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. 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. 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.