An Ohio residential purchase agreement is a contract between the buyer and the seller of a residential property. DURATION OF OFFER AND ACCEPTANCE: This offer shall be open for acceptance through., Month ______ Day ______ Year ______ Columbus, Ohio Time. An Ohio purchase agreement establishes the terms and conditions of a real estate transaction. The purchase agreement attached here is a standard purchase agreement between the buyer and seller, for properties located in Ohio. In Ohio: Offers must be in writing to be legally binding. All written offers must be presented. Contracts consist of three elements: offer, acceptance and consideration. The offer must be communicated to either the buyer or the seller. Acceptance, this offer shall become a legally binding Contract. 16.