For Sale By Owner Purchase Contract Ohio: What You Need to Know
If you`re planning to sell your property in Ohio, you may have considered the option of selling it yourself, without the help of a real estate agent. This approach is known as “For Sale By Owner” (FSBO) and it can be an effective way to save money on commission fees. However, selling a property without an agent also means that you`ll need to prepare your own purchase contract.
A purchase contract is a legally binding agreement between a buyer and a seller that outlines the terms and conditions of the sale. Without a purchase contract, there`s no clear agreement between the buyer and seller, which can lead to misunderstandings or disputes down the line. A well-drafted purchase contract will protect both parties and ensure a smooth transaction.
Here are some things you`ll need to consider when creating a purchase contract for a FSBO sale in Ohio:
1. Include the basics
Your purchase contract should include the basic information about the property being sold, such as the address and legal description. It should also list the names of the buyer and seller, as well as the purchase price and closing date.
2. Be specific about what`s included
Make sure your contract specifies what`s included in the sale. This could include appliances, fixtures, or any other items that are attached to the property. It`s important to be specific to avoid any confusion or disputes later on.
3. Outline any contingencies
A contingency is a condition that must be met in order for the sale to go through. For example, the buyer may require a home inspection or financing approval before finalizing the purchase. Make sure any contingencies are clearly outlined in the purchase contract.
4. Consider hiring an attorney
While it`s possible to create a purchase contract on your own, it`s always a good idea to have an attorney review it before signing. An attorney can ensure that the document is legally sound and protect your interests.
5. Follow Ohio state laws
Finally, it`s important to ensure that your purchase contract complies with Ohio state laws. For example, Ohio requires certain disclosures regarding lead-based paint, as well as a property disclosure statement. Make sure you`re aware of these requirements and include them in your contract.
In conclusion, selling a property as a FSBO in Ohio can be a great way to save money on commission fees, but it`s important to create a well-drafted purchase contract. By including the basic information, being specific about what`s included, outlining any contingencies, considering hiring an attorney, and following Ohio state laws, you can create a legally binding agreement that protects both parties and ensures a smooth transaction.