Residential Property Disclosure Form For Ohio In Clark
Description
Form popularity
FAQ
Property sellers are usually required by law to disclose negative information about a property. It is usually wise to disclose issues with your home, whether you are legally required to or not. The seller must follow local, state, and federal laws regarding disclosures when selling their home.
The most commonly required disclosure in a residential real estate sale is the seller's property disclosure. This is a document that is provided by the seller that discloses any known defects or issues with the property, such as leaky roofs, plumbing problems, or electrical issues.
You can get the form from a buyer's or seller's agent or real estate attorney. While the disclosure form will vary in format, it may contain the following: List of specific issues the homeowner must check off if the home has them. Questions about the property the seller must answer with “Yes,” “No” or “Unknown”
Apart from stating various characteristics and important aspects of the property and structure, the seller must disclose latent defects of the house as stated under § 5302.30 of the Ohio Code. Sellers must refrain from actively concealing any defect and must disclose all material information known to them.
Purpose of Disclosure Form: This is a statement of certain conditions and information concerning the property actually known by the owner.
Section 5302.30 | Property disclosure form required for all residential real property transfers.
Florida law requires sellers to disclose any issues they know about that materially affect the value of a home or property. This requirement applies even if the buyer does not ask whether the seller knows about defects.
However, there are four states which are certified by HUD: Arizona, California, Florida, and Minnesota. If you have effectively registered with those states, HUD will accept that state's disclosure document in lieu of the standard Federal registration.
In most states, by law, you have to disclose any issues with the property. By not disclosing, you open yourself up to lawsuit.