The Homebuyer’s Guide to Purchasing Real Estate Property in Dayton, Ohio

1. June 6, 2017 The Homebuyer’s Guide to Purchasing Real Estate Property in Dayton, Ohio Like in any other US city, purchasing real estate in Dayton, Ohio can be a little confusing. Though it can be remedied by buying real estate through an exclusive buyer’s agent, it is advisable to know some of the local property laws before making your decision final. Ohio Laws: What Every Home Buyer Needs to Know All Dayton, Ohio homeowners who intend to put their real estate property on the market are required to fill out and submit a disclosure form. A disclosure form is essentially a statement that alerts potential buyers of any known problem with the residential property. Page | 1

2. It is important to note, though, not all residential property sellers are required to complete the disclosure form. For example, if the house is being sold due to foreclosure, bankruptcy, or eminent domain, a seller might choose to leave out these facts. Furthermore, residential properties that are being transferred from one owner to another via co-ownership or inheritance has no need to fill out the form. The Ohio disclosure law only requires that sellers reveal information they actually have learned, observed, lived through, and taken care of. It does not necessarily require sellers to submit any results from an independent inspection. All sellers are required to submit a fully completed disclosure form with those that have entered into a purchase contract. However, home buyers have the right to withdraw from the purchase contract if is still within 30 days from signing the contract and 3 days from receiving the disclosure form. What residential property information should be disclosed under Ohio laws? The law specifically states the disclosure form should cover all known information regarding the basic structure of the house. This includes issues with the foundation, basement, roof, floors, electrical system, plumbing, heating and air conditioning, water supply and sewer system, etc. Sellers are also required to divulge existing or previous zoning violations (if there are any), pending assessments, and other related concerns. They need to also reveal the existence of any material defect that can potentially cost the home buyer to either repair or replace. Problems that are quite obvious such as water stains on walls and ceilings don’t need to be written down in the form. As a rule, it is better to disclose information, even if you are not entirely sure if it is indeed an issue, to potential buyers. However, this does not give the seller a free pass to hide every problem they can just to seal the deal with the home buyer. In fact, the laws make it clear the seller or homeowner should never try to conceal issues or trick the buyer to thinking the house is free from any concerns. As a homebuyer, you would want to purchase a house that is free from any type of defects. In line with this, Ohio’s disclosure laws become extremely important as they can significantly affect your decision to buy the residential property within Dayton’s city limits. Having an exclusive buyer’s agent by your side improves your chance of finding the perfect home even more. About Buyer's Corner Realty: We are the leading exclusive buyer’s agency in the Dayton, OH area and a proud member of the National Association of Exclusive Buyer Agents (NAEBA). We wholeheartedly use our expertise and local knowledge to assist and represent our clients in purchasing real properties that would satisfy their respective home requirements. Page | 2

3. Sources: Ohio Laws, Rules and Guidelines, OhioRealtors.org Dayton, Ohio - Code of Ordinances - Title IX - GENERAL REGULATIONS - CHAPTER 93. - HOUSING, Municode.com Page | 3