Writing an Offer

Writing an Offer - Safeguards Regarding the Property
Disclosures From the Seller
Although you have toured the property, looked at the walls and ceiling, turned on the faucets and played with the light switches, you have not lived in it. The seller has years of knowledge about his or her home and there may be some things you want to find out about as quickly as possible. For this reason, you will require certain disclosures as part of your offer.
Basically, you want the seller to disclose any adverse conditions that may have a substantial impact on your decision to purchase the home. This would include any problems with the house, whether the property is in a flood zone, a noise zone, or if hazardous materials or conditions exist in the home..
In Ohio, the current law states that the seller must provide the buyer with a completed “Ohio Residential Property Disclosure” form prior to entering into a purchase contract. If the written disclosure is not provided prior to an executed purchase contract, the buyer may cancel the contract within 3 days following receipt of such disclosure or cancel within the first 30 days if a disclosure is not received.
Ohio law excludes newly constructed homes sold directly by a builder. You may still have the right to receive disclosure information from the builder. Also, all newly constructed condominiums require a “developer’s statement” be provided to the buyer 24 hours prior to executing a purchase contract.
The Lubinsky team works to ensure that all proper forms and completed and signed by all parties so that the buyers are fully informed and the sellers are protected from failure to follow the laws.