An Ohio property disclosure statement is used by individuals selling the real property to inform prospective buyers of the property’s state and reveal any known defects. It details the location of the property, its age, sewage system, water supply, structural components, mechanical systems, and the presence of any hazardous materials. The seller is obligated to fill out every section of the form, and the potential buyer must acknowledge receipt of the document with their signature.
This document is not required for newly constructed properties nor a property transfer between spouses or divorcees. In all other circumstances, the seller must provide this form or the buyer may rescind their offer via written notice.
Laws – § 5302.30
Purchase Agreement – This form allows a buyer and a seller to negotiate the terms and conditions of a property sale. Once all terms are agreed upon, both parties sign the document, and property ownership changes hands.