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Monday, February 11, 2013

What Does the Seller Have to Disclose on a Sale?

In Ohio, and in other states, the seller of a property is required to fill out and present to any/all potential buyers a Residential Property Disclosure Form, provided and mandated by the State of Ohio.  Here is the actual form if you'd like to take a look at it:

This is a good tool for potential buyers because they can see what issues and/concerns/repairs the owner has dealt with on the property.  However, the Ohio Revised Code states that there are (9) exceptions to providing the Residential Property Disclosure. 

 Here they are:

1. A sale by a fiduciary in an estate, guardianship or trust.
2. A foreclosure.
3. A newly constructed property never previously occupied. (A model home will have an occupancy permit and is therefore not excluded from the disclosure requirement.)
4. Inherited property where the (selling) heir has not resided during the past (1) year. (Even if the heir grew up in the property, if he has not lived there for the previous year, he is exempt from disclosure requirements.)
5. A sheriff's sale.
6. A court-ordered sale. (Bankruptcy, for example)
7. A sale to a co-owner or from a divorce.
8. A sale to, or by a government entity. (HUD, ODOT, an eminent domain condemnation)
9. A sale to a tenant who has resided in the property for the past year.

For more information on property disclosure contact your state's division of real estate.