Many of our clients want to avoid high realtor commission fees when purchasing or selling their homes. Our firm frequently handles such negotiations, which helps clients bypass the need for a realtor.
In a very competitive Ohio real estate market (where homes are being sold very quickly), it is critical that you have a set of contingencies that you add to any purchase agreement. This will help ensure that you have the maximum flexibility to get out of the deal, especially if you are purchasing without being afforded an inspection.
In this post, we’ll discuss some important considerations when buying a home in Ohio (without a realtor).
Making an Offer
When you need to quickly place an offer on a home, it is important that you use the Columbus Bar Association Real Estate Purchase Agreement to make the offer. All home purchases need to be fully signed with a written real estate purchase agreement that describes all of the terms and conditions agreed to by the buyer and seller. In addition to providing a fully executed and signed real estate purchase agreement, it is critical that you add the necessary contingencies. Contingencies provide you with flexibility in the event that you need to walk away from a property.
Here are some of the most important contingencies that buyers often consider adding to their purchase agreements:
1) contingent upon you fully inspecting the home to ensure that the home is properly functioning and is safe from any defects and repairs to your complete satisfaction as determined in your sole and absolute discretion;
2) contingent upon all appliances, equipment, fixtures and tangible assets transferring to you, the buyer, at the closing. The instrument shall effectively transfer to you absolute full title to the assets free and clear of all liens and encumbrances as part of the purchase price;
3) contingent upon review and acceptance of all appropriate inspections, land development surveys or studies requested by you to your complete satisfaction, as determined in your sole and absolute discretion;
4) contingent upon you being able to obtain financing within thirty (30) days to your complete satisfaction as determined in your sole and absolute discretion;
5) contingent upon your review and acceptance of the deed and zoning restrictions, covenants and easements as determined in your sole and absolute discretion;
6) contingent upon your review and acceptance and confirmation of all land surveys, survey maps, deed restrictions and plans to your complete satisfaction as determined in your sole and absolute discretion; and
7) contingent upon your review, acceptance and confirmation that the home is zoned for residential use to your complete satisfaction as determined in your sole and absolute discretion.
If any of the above contingencies are not agreeable to you, you need to ensure that you have the right to notify the seller within thirty (30) business days and shall have the sole and absolute discretion to terminate the Purchase Agreement.
It is also important that you ensure that the seller warrant the condition of the home and that the seller is willing to pay for a home warranty plan to cover any repairs that may be necessary to the home. Do not buy the home “as is.” This condition means that you are, in essence, buying the home without any warranties and that means BUYER BEWARE.
In the event that the seller breaches any of the seller’s obligations, you need to ensure that you will be fully refunded for any deposit that you give to the seller.
Always research the property thoroughly to ensure that it meets your goals and expectations. You should always hire a reputable home inspector, preferably a structural engineer, to thoroughly inspect the home and ensure that the home is properly functioning and is safe from all defects and repairs. The home inspector report will be critical. If any repairs need to be made to the property, you will have the necessary documentation to convince the seller to make all of the necessary repairs. If this happens, make it clear to the seller that he or she will be responsible for any repairs and costs.
Need Legal Help with Your Home Purchase?
I hope this article has helped you answer some of the questions on your mind. If I can answer any additional questions, please contact our firm in Columbus. We’re happy to help you.