Who needs this contract?
This is a contract for all parties interested in the sale and purchase of real estate in the State of Ohio. Both seller and buyer have to sign this contract once they agree upon the terms of the deal.
What is this contract for?
The Ohio real estate purchase contract sets the obligations for the seller and the buyer. It is a legally binding document for the purchase of any kind of real estate.
Is it accompanied by other forms?
If the general inspection of the property was held, the forms containing the inspection results should be attached to the contract. Also the seller must provide release forms of hazardous materials founded on the property, such as oil and petroleum products, asbestos, polychlorinated biphenyl, radon and urea formaldehyde etc.
When is this contract due?
Once this contract is signed, the right to own the property will be transferred to the buyer. This right doesn’t have a due date, unless the new owner in his turn would like to transfer it to somebody else.
How do I fill out a real estate purchase contract?
Read the contract carefully and have your attorney look through it before you sign it. All the terms of purchase should be clear and specific to you, so there won’t be any surprises after you’ve closed the deal. There are 4 pages of this document. They are all dedicated to different aspects of the deal. If you are satisfied with the terms and the price and you’ve received legal advice, you can put your name and signature on page 4.
Where do I send this contract?
Several copies should be signed in order to provide one copy for the seller, one for the buyer and other copies for tax issues. Copies of this contract should be kept by both parties.