Ohio Real Estate Purchase Contract for Sale by Owner
If you`re looking to buy or sell a home in Ohio without the help of a real estate agent, you`ll need to familiarize yourself with the Ohio Real Estate Purchase Contract for Sale by Owner. This legally binding document outlines the terms and conditions of the transaction, including the purchase price, closing date, and contingencies.
Here are the key elements you`ll need to know before entering into a real estate purchase contract in Ohio as a „for sale by owner“ (FSBO) seller.
1. Purchase Price
The purchase price is the amount that the buyer agrees to pay for the property. This is typically the most important element of the contract, as it affects the seller`s bottom line and the buyer`s ability to secure financing.
As an FSBO seller, it`s important to research comparable sales in your area to determine a fair market value for your property. You may also want to consider hiring an appraiser to provide an independent assessment of your home`s worth.
2. Earnest Money Deposit
The earnest money deposit is a sum of money that the buyer provides to the seller as a show of good faith and commitment to the transaction. This is typically 1-3% of the purchase price, and is held in an escrow account until the closing.
If the buyer fails to fulfill their obligations under the contract, such as securing financing or completing a home inspection, the earnest money may be forfeited to the seller.
3. Closing Date
The closing date is the day on which the sale is finalized and the deed is transferred from the seller to the buyer. This is typically 30-60 days from the date that the contract is signed.
As an FSBO seller, it`s important to be flexible on the closing date, as delays can occur due to financing issues, inspections, or other unforeseen circumstances.
4. Contingencies
Contingencies are conditions that must be met in order for the sale to move forward. Common contingencies include a home inspection, appraisal, and financing.
As an FSBO seller, it`s important to be aware of the contingencies that the buyer may request, and to be prepared to negotiate any issues that arise.
5. Disclosures
In Ohio, sellers are required to provide certain disclosures to the buyer, including information about the property`s condition, any known defects, and any hazardous materials on the property.
As an FSBO seller, it`s important to be honest and transparent in your disclosures, as failing to disclose known defects can lead to legal issues down the road.
In conclusion, selling a home as an FSBO seller in Ohio requires a thorough understanding of the Real Estate Purchase Contract for Sale by Owner. By familiarizing yourself with the key elements of the contract, including the purchase price, earnest money deposit, closing date, contingencies, and disclosures, you`ll be well-prepared to navigate the sale process and ensure a successful transaction.
