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Real property

property disclosure statement

A property disclosure statement is a written document provided by a seller of real property to the prospective buyer stating that the property has a material or significant problem or defect and disclosing the nature of the problem or defect—or stating the seller is unaware of any such problems or defects.

In Ohio, a property disclosure statement is a legal requirement for most residential property sales. Ohio Revised Code Section 5302.30 mandates that sellers of residential real estate consisting of up to four dwelling units must complete a property disclosure form. This form requires sellers to disclose any material or significant defects in the property that are known to them at the time of sale. The disclosure covers various aspects of the property, including structural, mechanical, environmental, and other issues that could affect the property's value or desirability. The law exempts certain transactions, such as transfers between co-owners, transfers to a spouse or to a direct descendant, and sales of new construction that has not been inhabited. If a seller knowingly fails to disclose a defect or misrepresents the condition of the property, they could be held liable for damages. Buyers are encouraged to carefully review the property disclosure statement and consider obtaining a professional inspection for a more thorough evaluation.

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Real property

property disclosure statement

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Real property

property disclosure statement

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