Simple Ohio Real Estate Purchase Agreement

When it comes to buying or selling a property, a purchase agreement is an essential document that outlines the terms and conditions of the deal. In Ohio, a simple real estate purchase agreement is typically used for residential real estate transactions. Here are some key points to consider when drafting a simple Ohio real estate purchase agreement.

1. Basic Information: The purchase agreement should include basic information about the property, including the address, legal description, and the names of the buyer and seller.

2. Purchase Price: The purchase price is a critical component of the agreement. The seller should state the price they are willing to sell the property for, while the buyer should state the amount they are prepared to pay.

3. Down Payment: The agreement should also specify the amount of the down payment that the buyer is required to make. This amount is typically a percentage of the purchase price and is payable upon acceptance of the agreement.

4. Financing: If the buyer is obtaining financing to purchase the property, the terms of the loan should be included in the agreement. This includes the interest rate, the length of the loan, and any other pertinent details.

5. Contingencies: Contingencies are conditions that must be met before the sale can be completed. Some common contingencies include a home inspection, obtaining financing, and the sale of the buyer`s current property.

6. Closing Date: The agreement should specify the date on which the sale will be finalized, and the buyer will take possession of the property.

7. Signatures: The agreement must be signed by both the buyer and the seller to be legally binding.

A simple Ohio real estate purchase agreement can be a straightforward document that protects both the buyer and the seller. However, it is essential to ensure that all the necessary details are included to avoid any potential legal issues down the road. If you`re unsure about how to draft a purchase agreement, it`s advisable to consult a real estate attorney to guide you through the process.