Ohio law protects you in the transaction
Whether you are listing, buying or leasing property, a real estate agent can provide you with expertise and assistance. In some cases, the real estate agent will represent you as his/her client; in other instances you may be working with the agent as a customer. In either event, the law protects buyers and sellers with required disclosures and forms prior to your purchase.
The following disclosures are required in Ohio:
Consumer Guide to Agency Relationships…A real estate agent will provide a buyer or seller with a “Consumer Guide to Agency Relationships” at first contact. This guide explains agency law in easy to understand, consumer-friendly language and will outline the brokerage policy on agency relationships.
Agency Disclosure Statement…The Agency Disclosure Statement documents the agent’s and brokerage’s agency relationships with the parties involved in the real estate transaction. This will be provided to the consumer prior to signing an Offer to Purchase or lease and will go to the seller with the offer.
Residential Property Disclosure Form…This form is a statement of the condition of the property and of information concerning the property actually known by the owner as required by the Ohio Revised Code.
Transactions covered:
Transactions not covered:
Transfer to the transferor’s spouse
Lead Based Paint Disclosure Form…The Environmental Protection Agency (EPA) and the Department of Housing and Urban Development (HUD) mandate that the public receive a Lead Paint Disclosure Form containing information necessary to prevent lead poisoning in homes that may contain lead-based paint hazards. According to the law, home buyers and renters will receive known information on lead-based paint and lead-based paint hazards during sales and rentals of housing built before 1978. Buyers and renters will receive specific information on lead-based paint in the housing as well as a Federal pamphlet with practical, low-cost tips on identifying and controlling lead-based paint hazards. Sellers, landlords and their agents will be responsible for providing this information to the buyer or renter before sale or lease.
Transactions covered:
Transactions not covered: