If you are buying property here in Ohio, you must know about the state’s residential disclosure laws. What this means is that the home seller, with some exceptions, has to disclose certain information to prospective buyers about the home’s condition.
Because not every home seller or buyer realizes these responsibilities, without some legal guidance, the home buyer could wind up in a jam with their purchase.
What disclosures must be made?
The State Department of Commerce has a form, the Residential Property Disclosure Form, and it has to be signed by the property seller. The homebuyer then acknowledges receipt of this form, stating they are aware of any conditions of which the seller is aware that are associated with the home.
Ideally, the seller should provide this form prior to the signing of the purchase agreement. However, buyers should realize that this form does not take the place of a professional home inspection by a licensed inspector.
Buyer’s rights to the form
When property sellers drag their feet providing this signed form and the purchase agreement or contract to buy the house gets signed, the buyer has the right to back out of the agreement without penalty or liability to either party. However, the recission has to be exercised prior to the closing.
Much that legal laymen don’t know
Real estate laws can be complex and confusing to first-time buyers. That’s why it is always prudent to learn all that you can about the Ohio real estate laws that can affect your new home purchase.