What is an Ohio Real Estate Contract?
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.
Common Ohio Real Estate Contracts
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:
- Columbus Realtors contract. A fillable contract that has been adopted for use by the Columbus Realtors Association. It is approved by the Columbus Bar Association and includes all necessary terms and conditions for real estate contracts under Ohio state laws.
- Transfer Title Purchase Agreement. A more simplified version of a residential purchase and sale agreement. This contract could be filled out by private parties without the help of a realtor, but it is important to contact a realtor or a real estate agent if either party has trouble understanding the terms of the contract.
4 Essential Elements of an Ohio Real Estate Contract
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:
- Offer. All contracts must include a valid offer. In a real estate contract the offer is made by the buyer.
- Acceptance. The seller has the right to either accept or deny the offer made by the buyer. If accepted, the real estate sale can move forward.
- Consideration. Consideration is the part of the contract that requires the parties to trade sometimes of value. In real estate contracts, this is typically money in exchange for the property.
- Legal purpose. The contract must have a legal purpose and the terms cannot violate the law or encourage the parties to violate the law.
Without these essential elements, a real estate contract is invalid and cannot be enforced.
Does a Real Estate Purchase Agreement Need to be Notarized in Ohio?
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.
Is an Earnest Money Deposit Required in Ohio?
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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Meet some of our Ohio Real Estate Contract Lawyers
Christopher R.
Trusted business and intellectual property attorney for small to midsize businesses. Helping businesses start, grow, scale and protect.
Paul S.
I focus my practice on startups and small to mid-size businesses, because they have unique needs that mid-size and large law firms aren't well-equipped to service. In addition to practicing law, I have started and run other businesses, and have an MBA in marketing from Indiana University. I combine my business experience with my legal expertise, to provide practical advice to my clients. I am licensed in Ohio and California, and I leverage the latest in technology to provide top quality legal services to a nationwide client-base. This enables me to serve my clients in a cost-effective manner that doesn't skimp on personal service.
Matthew R.
I am an attorney located in Denver, Colorado with 13 years of experience working with individuals and businesses of all sizes. My primary areas of practice are general corporate/business law, real estate, commercial transactions and agreements, and M&A. I strive to provide exceptional representation at a reasonable price.
Tim E.
Tim advises small businesses, entrepreneurs, and start-ups on a wide range of legal matters. He has experience with company formation and restructuring, capital and equity planning, tax planning and tax controversy, contract drafting, and employment law issues. His clients range from side gig sole proprietors to companies recognized by Inc. magazine.
November 6, 2020
Christopher S.
Chris Sawan is a JD/CPA who practices in the area of business law, contracts and franchising in the State of Ohio.
January 20, 2021
Elizabeth R.
Elizabeth is an experienced attorney with a demonstrated history of handling transactional legal matters for a wide range of small businesses and entrepreneurs, with a distinct understanding of dental and medical practices. Elizabeth also earned a BBA in Accounting, giving her unique perspective about the financial considerations her clients encounter regularly while navigating the legal and business environments. Elizabeth is highly responsive, personable and has great attention to detail. She is also fluent in Spanish.
May 12, 2021
Robert D.
I am a general practice lawyer with 21 years of experience handling a wide variety of cases, both civil and criminal
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Real Estate Contract
Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas
Real Estate
Real Estate Contract
Illinois
what is better to buy land or rent for construction in US?
we are a construction company from Ukraine, we are planning to build a cottage town in the USA
T. Phillip B.
I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.
Real Estate
Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas
Real Estate
Real Estate Contract
New York
Can you purchase or refinance under a land contract?
I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.
Jane C.
I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.
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