Read the contract carefully and have it seen by your lawyer before signing it. All purchase conditions must be clear and specific to you so that there are no surprises after concluding the agreement. This document contains 4 pages. They are all dedicated to different aspects of the agreement. If you are satisfied with the conditions and the price and have received legal advice, you can put your name and signature on page 4. The Ohio Residential Real Estate Purchase Agreement (Residential Real Estate Purchase Agreement) is a contract used for the purchase of real estate when submitting an offer. The agreement initiates the negotiation process by indicating the buyer`s offer to acquire the property. Treuhandservice: Escrow is a neutral third party responsible for holding funds during the purchase transaction. Serious money deposits are usually deposited on Treuhand. Escrow offers protection to both parties as long as the contractual risks are still outstanding.
For example, a buyer could deposit their serious money deposit in trust until a home inspection is complete, and be sure that if there are problems with the inspection and the buyer decides not to proceed with the contract, he or she will recover the serious money deposit from the fiduciary party. The Ohio Real Estate Purchase Agreement sets out the obligations of both the seller and the buyer. It is a legally binding document for the purchase of real estate of any kind. Consider this document as a roadmap for the period between the signing of the contract and the conclusion of the sale. Closing: Closing is the last step in a real estate transaction between buyer and seller. All agreements are concluded, money is exchanged, documents are signed and exchanged, and title to the property is transferred to the buyer. You must use this agreement if you (a) are a potential buyer or seller of housing, if you want to (b) define the legal rights of each party to the sale, and (c) set out the respective obligations of each party prior to the transfer of title. The laying of lead-based paint – provides buyers with information about toxic colors that may have been used on a property. Owners of a home built before 1978 must make this disclosure available to buyers before signing a contract of sale. In Ohio, sellers must enter into a real estate purchase agreement and the following disclosure statement in order for it to be considered legally binding: Residential Property Disclosure (Section 5302.30) – State statutes require completing a disclosure form that lists any known issues the property may present to a buyer. .