When completing an Ohio For Sale by Owner real estate purchase, it is critical that state laws and filing requirements are reviewed and understood.
Ohio Property Disclosure
The State of Ohio has its own Residential Property Disclosure Form that must be completed. This form is a statement of the condition of the property as it is known by the owner. The owner need not conduct any special inspections to complete this form. Rather, the owner must merely disclose what he or she already knows about the condition of the property to the potential buyer.
The Ohio Residential Property Disclosure Form covers topics regarding the condition of the property’s roof, sewer systems, water supplies, structural components, mechanical systems, insect or animal damage, hazardous materials, known zoning or code violations, etc.
Ohio Real Estate Purchase Agreement
A completed and signed Real Estate Purchase Agreement is required as well for an Ohio For Sale by Owner transaction. This Purchase Agreement document for use in the state of Ohio is not significantly different from many other states in its language or structural requirements. The document must outline the sale terms of the transaction, including purchase price, payment method, how expenses related to the transaction will be covered or split, and exactly what items of property are covered by the sale. An Ohio-valid notary acknowledgement must also be included with this Purchase Agreement.
Other Ohio For Sale By Owner Documents
Other documents that must be included in an FSBO Home Sale for the state of Ohio include a Lead Disclosure Form (which should be made available to the Buyer along with the federal government’s lead disclosure booklet) and a revised Deed that is filed with the local County Recorder per that offices’ specifications after payment is tendered on the sale.
The instructions for filing the Ohio For Sale by Owner Contracts and Deeds will come from the Recorder from the county in which the property being sold is located. Information on each Ohio County Recorders’ Offices can be found at the link. It is critical that these instructions be obtained prior to closing, to prevent any delays in completing the transaction.
Options for Document Creation
When a property is sold FSBO, the responsibility for creating the legal document package surrounding the transaction fall to the Buyer and Seller. The parties to the transaction have two options: to create the document package using do-it-yourself legal forms; or to find a professional real estate document preparation service.
RealtyPact offers a professional document service option with a very modest flat fee based on the type of contracts required. The buyer and seller answer some simple questions about the transaction, then the documents are completed and presented ready-for-signature with detailed local filing instructions. RealtyPact provides document preparation services for Ohio For Sale by Owner, Land Contract, FSBO with Seller-Financed Mortgage, a Lease-to-Own Contract, plus stand-alone Deeds.