After several months of declining sales due to the COVID-19 crisis, existing home sales numbers experienced a record rebound in the summer of 2020 with a 20 percent increase in June, according to data released by the National Association of Realtors. And as home sales continue to rise due to low interest rates, prospective buyers and sellers are often faced with the uncertainly of weighing multiple offers and negotiating escalator clauses, rent-back agreements and home inspections. When buying or selling a home without the services of a real estate agent, both buyer and seller need to ensure the Ohio real estate purchase agreement protects everyone’s interests.
What is Included in an Ohio Real Estate Purchase Agreement?
Common information found in purchase agreements can include:
- Specific sales/closing dates
- Deadline by which the offer expires
- Earnest money deposit amount
- Details about who pays for inspections, survey, title insurance, etc.
- Details about adjusting utilities, property taxes and other fees
Having the details of an Ohio real estate purchase agreement reviewed by an attorney experienced in real estate transactions is in the best interest of both the buyer and seller. A well-written agreement levels the playing field, removes doubt and adds clarity.
Avoid Using Standardized Purchase Agreements
Using standardized agreements – usually downloaded off the Internet – can expose you to unnecessary risk, cost you money, and cause major headaches. Some common missteps in using a standardized agreement include:
- Vague language on closing dates – set a specific date, not a range.
- Failure to schedule a home inspection and final walk through before executing the agreement.
- Detailing the responsibilities for making any repairs because of the inspection.
Benefits of an Experienced Real Estate Attorney
By enlisting the services of an experienced real estate attorney, buyers and sellers will realize the following benefits:
- Cost efficiencies – attorney fees are usually less than a realtor’s commission.
- Customized contract language that meets the specific needs of your transaction.
- Flexibility to select your own title company and save money.
- Peace of mind that you are in control of your purchase or sale.
- A measure of protection allowing you to enjoy your purchase or sale, and not regret it.
Expert Advice for an Ohio Real Estate Purchase Agreement
Manning & Clair Attorneys At Law have extensive experience in both commercial and real estate law. Whether you are first-time home buyer, a developer ready to break ground on a commercial tract of land, or a landlord looking to rent out a property, Manning & Clair Attorneys At Law can provide the support and guidance to make the experience as cost efficient and successful as possible. Contact us to get started!