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:
- The transfer of sale, land installment contract, lease with option to purchase, exchange, or lease for a term of 99 years and renewable forever of property that is improved by a building or other structure that has one to four dwellings.
Transactions not covered:
- Foreclosure sale
- Transfer pursuant to a court order
- Transfer to a mortgagee by a mortgagor by deed in lieu of foreclosure
- Transfer by a mortgagee who has acquired the property by a deed in lieu of foreclosure
- Transfer by a fiduciary in administrating an estate, guardianship or trust
- Transfer between co-owners
Transfer to the transferor’s spouse
- Transfer between spouses or former spouses as a result of a divorce
- Transfer to or from the state or other governmental entity
- Transfer of newly constructed residential property not previously inhabited
- Transfer to a transferee who has resided in the property for one or more years immediately prior to transfer
- Transfer by a transferor who has inherited the property and has not resided in the property for one year prior to the transfer
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:
- The sale or lease of housing constructed prior to 1978
Transactions not covered:
- Foreclosure sale
- Leasing of rental properties that have been found to be lead-based paint free by a certified inspector
- Short-term leases of 100 days or less, where no lease renewal or extension can occur
- Lease renewals where lead disclosure has already taken place and no subsequent testing or information has become available
- Housing for the elderly or disabled, unless a child under the age of 6 resides, or is expected to reside, in the housing
- 0-bedroom dwellings where the sleeping area is not separated from the living area