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If it can be proven that the owner knew about a problem and failed to disclose it on the required form, you might be able to hold them responsible for paying for the repair. If the seller and/or their realtor intentionally defrauded you, you can seek damages amounting to double the cost of repairs.
Ohio sellers must complete the state's five-page residential property disclosure form. In it, you're required to share any knowledge about potential defects that could impact the property's value, or the safety of anyone living at the property. This can include past leaks, the presence of mold, roof damage and more.
This form is required by Ohio Revised Code Section 5302.30. PROFESSIONAL INSPECTION(S). Owner's Statement: The statements contained in this form are made by the owner and are not the statements of the owner's agent or subagent.
Ohio Law on Residential Property Disclosures It mandates filling out a Residential Property Disclosure Form, which is meant to alert prospective home buyers to known problems with the property: roof leaks, electrical troubles, malfunctioning appliances, pests, and so on.
Ohio law requires sellers to fill out a real estate disclosure. There are certain circumstances, however, where it is not needed. For example, when a property is a foreclosure, is being transferred directly between owners, or when a property is transferred to or from a governmental agency.
What is a Financial Disclosure Statement ("FDS")? A FDS is a publicly available record containing financial and professional information about the filer and his or her spouse for a calendar year.
The most commonly used form for such disclosures is the Transfer Disclosure Statement that the sellers will complete and sign.
The good news is that under Ohio law, sellers are expected to disclose any material defect about which they are aware before the sale is complete; and they face possible legal liability if they don't.