Before you invest in something as valuable as a home, it’s crucial to ensure you know all the details. Ohio home sellers are required to complete a Residential Property Disclosure Form (“RPDF”) to help the buyer better understand what they’re buying into. If you’re hoping to learn how to review these real estate law documents, take advantage of the following overview.

What’s in the Report?

Real estate disclosures are meant to reveal any flaws or conditions within a property that is being put up for sale. For example, if there are known leaks in the attic or basement, or if there is mold growth from previous leaks, these issues should be disclosed. The seller should also include issues with the electrical or HVAC systems, pest infestations, and faulty appliances that will be included with the house (such as a washer and dryer).

What Are Some of Ohio’s Requirements?

In Ohio, sellers are required to produce RPDFs when entering into a purchase contract with a buyer. The only exceptions are if the home is a new construction, or if it was transferred from an estate or among co-owners.

Sellers don’t need to arrange for home inspections before filling out this form—they are only required to list flaws or conditions that they are already aware of. That’s why it’s still important for buyers to schedule these assessments. If you end up signing the purchase contract before the seller provides the RPDF, you can still rescind your signature within three business days.

What Are the Penalties for a Failure to Disclose?

If the seller knew about an issue before the sale of the home, they must have included it in the RPDF. If a buyer moves into a home and discovers an obvious problem, they might feel that they deserve compensation from the seller. 

In this case, you can file a real estate lawsuit. To be successful, the buyer and their attorney will need to prove that the seller knew about the issue beforehand. For example, if they posted about mold in the attic on their social media account in the past, the buyer may have a case.

If you need help going over a seller’s real estate disclosure documents, count on the skilled lawyers of Morrow, Gordon & Byrd LTD. This Newark, OH, firm has been assisting clients in various aspects of real estate law since 1933, so they’re proud to be one of the most knowledgeable local teams in the field. Whether you need to add a new property to your estate plan or navigate the closing process, you can trust their attorneys to guide you through every step. To learn more about their areas of practice, visit them online. You can also call (740) 345-9611 to arrange for a real estate law consultation.