Fillable Printable Purchase Agreement for Residential Real Estate in Ohio - Ohio

Purchase Agreement for Residential Real Estate in Ohio - Ohio

PURCHASE AGREEMENT

FOR RESIDENTIAL REAL ESTATE IN OHIO

THIS AGREEMENT is entered into by and between

Seller’s Name(s): _________________________________________

whose Current Address is: _________________________________________

_________________________________________

hereinafter referred to as “Seller”, and

Buyer’s Name(s): _________________________________________

whose Current Address is: _________________________________________

_________________________________________

hereinafter referred to as "Buyer".

1. In consideration of the mutual promises herein contained, Seller agrees to sell and

convey and Buyer agrees to buy and pay for, in accordance with the terms and conditions of this

contract, the property known as __________________________________________ (Address or

short legal), see Exhibit “A” forlegal description, Permanent Parcel Numbers(s).

________________________________________, including but not limited to: all electrical,

heating, plumbing and bathroom fixtures; all window and door shades, blinds, awnings, screens

storm windows, curtain and drapery fixtures; all landscaping, smoke detectors, the kitchen cook

range, oven, refrigerator, dishwasher, garage openers and specifically the following items shall

remain: ______________________________________________________________________

located thereon and hereinafter referred to as "Property".

The following are specifically not included: ______________________________

______________________________________________________________________________

2. The Buyer and Seller hereby designate and appoint Transfer Title Agency, Inc.

fka Medina County Title of 748 N. Court St., Medina, OH 44256, 800-635-5512 330-725-3145

Fax, to be the “Escrow Agent” and issue the Buyer a title policy pursuant to the terms of this

agreement.

3. Buyer agrees to pay for the Property the sum* of $_________________

* total of 3a, 3b, and 3c.

This amount shall be paid as follows:

a. Earnest money in the amount of: $_________________

shall be deposited with the Escrow Agent

and applied to the purchase price upon the

signing of this contract;

b. The Buyer intends to finance the sum of: $_________________

This contract is contingent upon the Buyers obtaining

financing in the amount stated. The Buyer agrees to

making application with a lender within 5 business days

of this contract, and use their "good faith" effort to

obtain such loan. Buyer agrees to either remove this

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contingency or satisfy this contingency by obtaining a

loan commitment within 30 days of the date of this

contract. If at any time after application is made by the

Buyer the Buyer is notified that a loan cannot be

obtained or that this contingency cannot be satisfied this

agreement shall become null and void at the option of

either party and all earnest moneys shall be returned to

Buyer.

Type of financing: ___ Conventional, ___ FHA,

___ VA, ___ Other

c. The balance sum of: $_________________

shall be deposited with the Escrow Agent and

applied toward the purchase price, at closing.

4. Seller agrees to furnish a warranty deed, with release of dower, conveying to

Buyer in joint and survivorship form, good record marketable title to the Property in fee simple,

free and clear of all encumbrances except, easements, and rights of ways of record, and

conditions and restrictions of record, zoning ordinances, real estate taxes and assessments, for the

current year and thereafter.

5. An Owner's fee policy of Title Insurance in the amount of the purchase price shall

be issued by Transfer Title Agency, a policy issuing agent of Chicago Title. If any defect in title

is discovered prior to the time of the closing and if it is not waived in writing by Buyer, Seller

shall have a reasonable extension of time for closing, but in no event more than thirty (30) days

from the date Seller is notified of the defect, for removal of said defect.

6. All real estate taxes, assessments and rents, if any, shall be prorated in escrow, as

of the date of title transfer. In prorating taxes and assessments, the amount assessed by the

County Auditor on the latest available tax duplicate shall be used. If the Property being

transferred is new construction and recently completed or in the process of completion, the

Escrow Agent is instructed to make a good faith estimate of the taxes to be owed on the value of

the improved Property to the date of title transfer and credit the Buyer from the Seller’s funds so

that the Buyer can pay those taxes when they become due and payable. Association fees and

maintenance fees shall be prorated bythe Escrow Agent. If the Property is receiving an

agricultural valuation, “CAUV”, the seller agrees to credit the buyer the recoupage amount,

unless it is the parties intent the Property will remain in the CAUV program by the Buyer.

7. The Escrow Agent shall charge to Seller and pay out of the purchase price:

(a) one half of the escrow fee;

(b)the cost of the real estate conveyance fee;

(d)the cost of the title exam;

(e) one half the cost for the Owner's Title Insurance Policy; and

(f)the preparation of the warranty deed.

The Escrow Agent shall charge to Buyer:

(a) all fees for filing the warranty deed and the mortgage deed if any

placed upon the property;

(b)any other costs associated with the Buyer's financing;

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(d)one half the escrow fee; and

(e) the cost of inspections.

SPECIAL NOTE: If Buyer has an FHA/VA mortgage, and regulations prohibit

payment of certain fees by Buyer, Seller agrees to pay such fees.

8. All documents and funds necessary for the completion of this transaction shall be

deposited with the Escrow Agent on or before _____________ (date). Title shall be transferred

on or before ______________ (date). Seller agrees to deliver possession of the Property on the

later date of either within ____ days of Title Transfer or on _______________ (date) at _______

am/pm.

9. The Buyer is purchasing the Property subject to the following inspection(s) by a

qualified inspection of the Buyer’s choice within the specified numbers of days from the

formation of this Agreement. The Buyer acknowledges receipt of the "Residential Property

Disclosure Form" from the Seller and the Disclosure of Information on Lead-Based Paint and

Lead-Based Paint Hazards. The “Residential Property Disclosure Form” and “Disclosure of

Information on Lead-Based Paint and Lead Based Paint Hazards” are attached hereto as

addendum and are made a part hereof. The Buyer acknowledges receipt of the pamphlet “Protect

your Family from Lead in Your Home.”

Inspections required byany state, county, local government or FHA/VA do not

necessarily eliminate the need for inspections below:

Choice Inspection Expense

Yes No Buyer Seller

___ ___ General Home ____ days from formation of contract ____ ____

___ ___ Septic System____ days from formation of contract ____ ____

___ ___ Termite/Pest____ days from formation of contract ____ ____

___ ___ Well Flow/Potability____ days from formation of contract ________

___ ___ Radon ____ days from formation of contract ____ ____

___ ___ Other____________ ____ days from formation of contract ____ ____

___________ (initials) Buyer elects to waive each professional inspection to which purchase has

not indicated “yes”. Any failure by Buyer to perform any inspection indicated “yes” herein shall

be a waiver of such inspection and shall be deemed by absolute acceptance for the Property by

Buyer and its “AS IS” condition.

After each inspection is completed, Buyer shall have three (3) days to elect one of the

following: a) remove the inspection contingency and accept the Property in its “AS IS” present

physical condition, or b) accept the Property subject to Seller agreeing to have specific items

corrected at the Seller’s expense, or c) terminate this agreement if the written report(s) identify

material latent defects NOT previously disclosed in writing to the Seller. If the Property is

accepted in its “AS IS” present physical condition, Buyer agrees to sign an amendment to this

agreement removing the inspection contingency and this agreement will proceed in full force and

effect. If the Property is accepted subject to the Seller repairing specific defects, Buyer shall

provide Seller a copy of the inspection report(s) and sign an amendment to this agreement

removing the inspection contingency and identifying the defects which are to be repaired. Seller

and Buyer shall have three (3) days from Seller’s receipt of the written list of defects and the

inspection report(s) to agree in writing which defects, if any, will be corrected at Seller’s

expense.

Seller warrants that Seller has disclosed to Buyer all notices received pursuant to Ohio’s

sex offender law (Megan’s Law). The Buyer acknowledges that the information disclosed may

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no longer be accurate and agrees to inquire with the local sheriff’s office. Buyer agrees to

assume the responsibility to check with the local sheriff’s office to validate the accuracy and

timeliness of the information.

10. The riskof loss shall remain with the Seller until title transfer. Should such

Property be substantially damaged by fire or other casualty prior to filing the Deed the Buyer

shall have the option to void this agreement in which event all earnest moneys shall be returned

to the Buyer and such agreement shall become null and void, or have such insurance proceeds

deposited into escrow thereupon completing the purchase.

11. The parties acknowledge and represent that no real estate agent or broker has been

used in this transaction.

12. This contract shall be governed by the laws of the State of Ohio. The covenants,

conditions, and agreements herein shall be bindingupon each of the parties hereto, and their

respective heirs, devisees, executors, administrators, successors and assigns, and shall be deemed

to contain all their terms and conditions agreed upon, it being agreed that there are no outside

conditions, representations, warranties, or agreements. The terms and conditions to be

performed by the Seller shall survive the delivery and acceptance of the deed. Any portion of

this contract declared invalid by law will not void the remainder of this contract.

SELLERS BUYERS

________________________________ ___________________________________

Signature Seller Signature Buyer

________________________________ ___________________________________

Printed Name Printed Name

________________________________ ___________________________________

Signature Seller Signature Buyer

________________________________ ___________________________________

Printed Name Printed Name

Phone # ____________Home Phone # _____________ Home

Phone # ____________Mobile Phone # _____________ Mobile

Date: ________________ Date: ______________

This contract is open for acceptance for 3 days after the date first signed.

NOTE: All parties are advised to seek legal counsel prior to completing this agreement

or signing this agreement.

Prepared by: Lee Skidmore

Transfer Title Agency, Inc. fka Medina County Title

748 N. Court St. Medina, OH 44256

330-725-3145 Fax 330-725-4214 Telephone

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DIRECTIONS UPON SIGNING OF AGREEMENT.



ALL PARTIES ARE ADVISED TO SEEK LEGAL COUNSEL PRIOR

TO SIGNING.



ONCE SIGNED BY ALL PARTIES, A COPY SHOULD BE MAILED,

FAXED OR EMAILED TO TRANSFER TITLE AT 330-725-3145

FAX, OR [email protected]M



IF THERE IS EARNEST MONEY, IT WILL NEED TO BE MAILED

OR DELIVERED TO THE OFFICES OF TRANSFER TITLE

AGENCY AT 748 N. COURT ST., MEDINA, OH 44256.



TRANSFER TITLE WILL ASSIGN A CLOSER WHO WILL SEND

OUT LETTERS TO THE SELLERS AND BUYERS ONCE THE FILE

IS OPENED.



ONCE LOAN IS APPROVED AND CLEAR TO CLOSE, THE

CLOSER WILL SCHEDULE CLOSINGS TO ACCOMMODATE

THE CLOSING DATE CHOSEN IN THE AGREEMENT.



ANY QUESTIONS, PLEASE CALL 800-635-5512 FOR

CLARIFICATION.