The offer includes the purchase price and the additional conditions set by the buyer. The seller is given a deadline to respond to the offer before it expires. During this period, the seller can change the conditions by making a counter-offer to the buyer. If the two parties agree on the terms of purchase, they can sign the document in order to create a legally binding obligation to transfer ownership of the property. Lead-Based Paint Disclosure (42 U.S. Code ` 4852d) – The risks associated with lead paint must be communicated to the potential buyer of homes built before 1979. The literature indicating the nature of the dangers associated with hazardous material must be delivered to the buyer at the same time as the sales contract. The contract to purchase residential real estate in Ohio («residential real estate purchase agreement») is a contract used for the purchase of real estate when granting an offer. The agreement opens the negotiation process by indicating the buyer`s offer for the acquisition of the property. Residential sales contracts generally contain promises and provisions that guarantee the condition of a property. Many states legally require sellers to deivate explicit information about the condition of a property. In states where this is necessary and where a seller deliberately conceals such information, they may be prosecuted for fraud.
In Ohio, sellers must enter into a real estate purchase agreement and the following disclosure statement so that they can be considered legally binding: this is a contract for all parties interested in the sale and purchase of real estate in the State of Ohio. Sellers and buyers must sign this contract as soon as they have agreed on the terms of the agreement. The contract to purchase and sell residential real estate in Ohio is a document used when purchasing real estate by a licensed real estate owner or real estate agent. To begin the process, a potential buyer will describe the terms of his offer in the agreement and deliver it to the seller for evaluation. The information in the document relates to the purchase price, serious money, inspection procedures, financing conditions and necessary disclosure statements (see «Related Information» below to obtain information on the information needed in Ohio).