This content is copyrighted by 2020 Ohio REALTORS. For more information: www.ohiorealtors.org/faqs-purchase-contracts/ 5. If a contract contains an inspection contingency and the inspection reveals a defect, can the buyer terminate the contract or must it allow the seller to remedy the defect? A: The terms of the contract dictate the actions that can be taken if the inspection reveals a defect. Therefore, the conditions of the inspection quota should be carefully considered. The contract may give the buyer the right to terminate the contract or it may provide that the seller may remedy the defect. If the seller does not perform the repair, the buyer can usually terminate the contract or accept the defect as is. Inspection risks vary and the parties should be aware of the terms before entering into the contract. The Ohio Residential Real Estate Purchase Agreement (“Residential Real Estate Purchase Agreement”) is a contract used in an offer to purchase real estate. The agreement initiates the negotiation process by indicating the buyer`s offer to purchase the property. 6. If a contract contains a right of first refusal clause (competition clause) and the seller informs the buyer, should the buyer eliminate all eventualities from the contract (i.e. financing) or should the sale of his home be removed? A: The terms of the right of first refusal clause dictate whether all eventualities or simply the sale of their home should be removed.

A well-written contingency would clearly answer this question, and the parties should understand these conditions before entering into a contract. Lead Paint Disclosure – Sharing information with buyers about toxic paint that may have been used on a property. Owners of homes built before 1978 must provide this disclosure to buyers before signing a purchase agreement. Read the contract carefully and have it reviewed by your lawyer before signing it. All purchase conditions should be clear and specific to you, so there will be no surprises after the conclusion of the transaction. There are 4 pages of this document. They are all dedicated to different aspects of the agreement. If you are satisfied with the conditions and the prize and have received legal advice, you can enter your name and signature on page 4. 8. Can a person under the age of 18 sign a real estate purchase contract? A: If a minor, a person under the age of 18, enters into a contract, the contract is voidable or may be terminated by the minor before or within a reasonable time after reaching the age of 18. The Ohio Real Estate Purchase Agreement sets out the obligations of both the seller and the buyer.

It is a legally binding document for the purchase of real estate of any art. 9. The seller has received a full quote for his property. However, he refuses to accept this offer and says he wants to make a counter-offer for more than the asking price. Can the seller reject a total price offer and a “meter” for more than the stated price? A: Yes. The seller is not legally obliged to accept an offer, as it is a “total price” and can counter more than the stated price. However, the listing broker could make a claim against the seller on his commission based on the theory that the broker produced a buyer who was willing, willing and able to meet the conditions set out in the registration contract. 3. An offer to purchase was “faxed” to an out-of-state seller. He signed it and “faxed” it to the listing broker.

Is this “faxed” contract legally binding? A: The validity of fax transfers is still a new issue in contract law. Basically, a “faxed” contract is a copy of the contract and the signature of the parties. Since the law prefers original documents, fax transmissions must be signed on the original documents. In the event that these originals are lost or one of the parties refuses to sign the original and refuses to list the original, a court will likely admit the faxed document as evidence unless the other party can prove that the faxed copy was falsified or altered. 17. Is an accepted offer (or counter-offer) a binding contract only when it has actually been received by the other party? A: Contract law requires the submission of an accepted offer or counter-offer. Although most real estate agents consider it to be a physical delivery of the signed contract, from a legal point of view, delivery takes place when a party – or its agent – is informed that its offer has been accepted. The effective physical preservation of the signed contract would only be necessary if the terms of the contract themselves so require. 1. If a purchase agreement does not specify a closing date, is the contract void? A: No. If no date or time of performance is specified in a contract, a reasonable period of time is implied. 18.

A buyer made an offer which the sellers thwarted. The buyer informed the listing agent that it was rejecting this counter-offer. The next day, the sellers received another offer and accepted it. The next day, the first buyer changed his mind, accepted the seller`s counter-offer and delivered it to the listing agent. Is there a legally binding contract with the first buyer? A: No. Once the first buyer rejected the seller`s counter-offer and communicated it to the seller`s agent, it could only be accepted if the sellers renewed their offer. As the sellers did not renew their counter-offer to the buyer, it was no longer open to acceptance by the first buyer. 7. If a home does not assess the purchase price, can the buyer automatically withdraw from the contract? A: Of course, the buyer can do this if the contract depended on the house evaluating the purchase price. .