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An Ohio real estate contract, also called a residential purchase and sale agreement, is a contract that facilitates the sale of real property between a seller and a buyer. The purpose of a real estate contract is to lay out the terms and conditions of the sale and provide both parties with protections throughout the transaction.
Real estate contracts are most commonly used for purchasing and selling residential homes, but real estate contracts are also used for commercial properties, investment properties, and rental properties.
There are several types of real estate contracts that can be used in Ohio. The following examples are two contract templates often used by realtors:
The Ohio revised code defines a contract as an agreement by parties to be governed in their rights and duties under the agreement. For a contract to be legally binding and valid in Ohio, it must include the following 4 essential elements:
Without these essential elements, a real estate contract is invalid and cannot be enforced.
No. A real estate purchase agreement in Ohio does not need to be notarized, but it is highly recommended that the contract be signed in the presence of a notary public. Notarizing the document serves as proof that the signatures on the document are genuine and that the parties involved legally and voluntarily signed the agreement.
An earnest money deposit is not required by law in Ohio, but it is a common practice in the state. An earnest money deposit, also known as a good faith deposit, is a sum of money paid by the buyer to the seller at the time of entering into a real estate contract. The deposit is held in escrow and is typically applied towards the purchase price of the property at closing.
The purpose of the earnest money deposit is to show that the buyer is serious about purchasing the property and to provide some financial commitment to the sale. The amount of the deposit can vary, and it is usually between 1% and 3% of the total purchase price. The terms of the earnest money deposit, including the amount and the conditions for returning it, should be clearly outlined in the real estate contract.
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