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 property purchase agreement and the following disclosure statement so that it can be considered legally binding: if the general review of the property has been completed, the forms containing the results of the inspection must be attached to the contract. In addition, the seller must make available forms of release of hazardous substances based on property, such as oil and petroleum products, asbestos, polychlorobiphenyl, radon and formaldehyde, etc. Disclosure of Residential Real Estate (No. 5302.30) – State statutes require that a disclosure form be filled out listing all known problems that the property may submit to a buyer. The document gives the current owner the opportunity to explain problems with the structure of the house, environmental situations or limited property rights. The information provided is what the owner is known before the sale in the house and does not require the seller to obtain a professional inspection at his own expense. Lead-Based Paint Disclosure (42 U.S. Code ` 4852d) – The risks associated with lead paint must be communicated to the potential buyer of homes built before 1979.
The literature indicating the nature of the dangers associated with hazardous material must be delivered to the buyer at the same time as the sales contract. 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). Read the contract carefully and let your lawyer check before you sign it.