When selling a home, there are so many legal requirements and responsibilities to manage. If you’re trying to navigate the sale of your home without an experienced local agent in your corner, you could risk losing a hard-won sale if you skip your disclosure. Ohio real estate seller disclosures are different than anywhere else in the midwest.
Here is everything you need to know to sell your home quickly and hassle-free.
Why Fill Out a Disclosure?
Some home sellers might wonder why anyone would fill out a home disclosure. Wouldn’t listing everything wrong with a home just drive away all of the interested parties? It turns out that it was Ohio’s realtor organizations banded together to get this legislation in place.
We can all guess that buyers are protected when sellers disclose information in writing. Being able to know what you’re getting yourself into allows us to make better decisions.
However, sellers are also protected by these disclosures. By putting all the information that you know in writing, it means that buyers can’t come knocking at a seller’s door after the closing. These lawsuits are avoided because of disclosures.
It Doesn’t Apply To All Properties
In Ohio, it turns out that some properties are exempted from having to fill out disclosures. Those that do build a better bridge of trust with buyers but otherwise, most buyers wouldn’t bat an eyelash.
When a court orders the sale of a property or if the estate is transferred because of a divorce, the party losing the property isn’t responsible for a disclosure report. When property is inherited without anyone living in it for a year, then there’s no need for a disclosure either. If the state or another government body has the land transferred to them, the onus for inspection and repair is on them.
If a fiduciary transfers property, they don’t need to fill out a disclosure in advance of that work either.
If property has just been constructed, there’s no need for a disclosure. There are other limitations that govern new properties. There’s also no need with commercial properties, industrial properties, or unimproved lands.
If you work with an experienced Ohio agent, they’ll know exactly what’s required of you.
When you’re filling out your disclosure form, you’ll have a separate federal form for disclosing whether or not there is lead paint in your home. This is required before anyone can sell or rent a home across the country.
In Ohio, you have to cover some of the basics of how the home functions like where you get your water from and how the sewer system works. If there’s a well, you have to disclose that information.
and end up costing tens of thousands of dollars to fix.
Basics about plumbing, your electrical system, and HVAC need to be disclosed. Make sure that you keep good records and pass them along if you have them on hand.
More Recent Changes
In 2013, Ohio’s Division of Real Estate added new provisions to the disclosure form. Things that weren’t covered by previous laws were added and new categories were created to give more information to potential buyers.
Now sellers need to let buyers know if there are any energy leases or mineral rights on the property held by anyone else. Oil and natural gas leases could harm the quality of life of a new resident. Sellers also need to inform their buyers about underground mines.
Sellers need to know more about the kind of district they reside in than ever before. When the property is in a Special Improvement District, a Local Improvement District, or a Community Improvement District, it’s vital to know and that’s why it was added. There are responsibilities and requirements for buyers from day one when their home is situated in a place like this.
The Ohio Association of Realtors’ website provides more information about the changes.
Navigating Disclosure Requirements For Selling Ohio Real Estate
While it might be daunting for some sellers to deal with disclosure requirements, it’s the law of the land in Ohio. In some states, real estate agents might even advise their clients not to disclose information they don’t need to and just take a small penalty. However, in Ohio, failure to disclose leads to a cancellation of your contract.
That’s why it’s so important to work with an experienced local real estate agent to handle your affairs. They navigate the complicated legal requirements for sellers day in and day out. Rather than having to figure it out all on your own, contact us today to get connected with a Clever Partner Agent who offers full-service for a low commission rate.