When you are representing the buyer, what are the disclosure requirements?
There is an inspection/property disclosure report that the seller must give to the buyer under Ohio law. The form itself says that it cannot be replied upon. When we represent the buyer of real estate, we tell the buyer that they have to get this property inspected (unless they’ve been living in the property, which happens, over a number of years, and know the condition of the property already), and we have an inspection time period placed in the contract so that the buyer has time to hire someone to do a thorough inspection of the property.
In Ohio the rule of law still is “buyer beware,” and you have to rely on your own inspection unless the seller makes representations and warranties on the condition of the property. Sometimes we will write representations and warranties into the contract but the typical residential contract does not have them. Normally it says the buyers are relying upon their own inspection, and that is what we recommend the client do.
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