The Ohio purchase and sale agreement is a legal document used to determine the terms and conditions under which the seller agrees to sell and the buyer agrees to buy a certain item.
This document helps the parties outline all the terms under which they will complete the sale and purchase. In this way, they prevent potential misunderstandings and disputes after the sale or purchase.
The purchase agreement should be used for complex property transfers where there are many terms and conditions related to the sale and purchase, as well as for transfers where the purchase price is over $500.
Ohio Purchase and Sale Agreement Form
The Ohio purchase and sale agreement form includes the following elements:
Purchase and Sale Agreement Form Mandatory Details
Full names and mailing addresses of the seller and buyer
Description of the item that is the object of sale and purchase
Purchase price and details about the financing
Contingencies connected to the sale and purchase
Other terms and conditions
The Ohio purchase agreement is also known as the Ohio purchase and sale agreement, the Ohio sale and purchase agreement, the Ohio sale and purchase contract, the Ohio purchase and sales contract, and more.
However, it all refers to one document that provides the terms and conditions for the property transfer in Ohio.
Purchase Agreement Ohio Laws & Requirements
In Ohio, there are no specific regulations for the form of the purchase agreement. However, if you are selling or buying real estate in Ohio, you need to include some specific disclosures in your purchase agreement template.
Purchase Agreement Required Disclosures in Ohio
Here, you can find the list of disclosures you must include in your Ohio real estate purchase agreement:
Lead-Based Paint Disclosure: According to 42 U.S. Code § 4852d, the seller must inform the buyer about any lead-based paint hazards at the property. This is mandatory for every property with a known lead-based paint hazard and for properties built before 1978.
Residential Property Disclosure: The seller must fill out the form provided by the Ohio Department of Commerce and provide all the details about the condition of the property. The seller must give the form to the buyer before they sign the purchase agreement. (§ 5302.30)
Common Types of Purchase Agreements in Ohio
This section provides all the types of purchase agreements used in Ohio:
Types of Purchase Agreements
Residential real estate purchase agreement. Used to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. You can use it for transferring ownership over office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. Parties use it for the purchase and sale of cars, motorcycles, trucks, and other kinds of motor vehicles. Also known as the motor vehicle bill of sale.
Business purchase agreement. Used for providing terms and conditions for transferring the company's shares.
Land purchase agreement. You can use it to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in Ohio.
Purchase Agreement in Ohio FAQ
Yes, the purchase agreement is a legally binding document in Ohio. It, however, becomes legally binding only after both the seller and the buyer sign it.
Yes, an Ohio sales agreement needs to state the purchase price. The purchase price is the main obligation of the buyer and, therefore, an essential part of the Ohio sales agreement. If you don’t enter the purchase price in your sales agreement, it won’t have any legal effect.
No, purchase and sales agreements in Ohio don’t need to be notarized, considering that the purchase and sale agreement doesn’t transfer any legal rights between the parties.
Yes, the seller can back out of the Ohio purchase agreement. However, the only situation where the seller can back out without having to compensate the buyer is if the buyer fails to meet the contingencies set out in the document.