Ohio Legal Description and Well or Unit Information
Description
Form popularity
FAQ
Ohio real estate sellers are required to give a completed disclosure form to prospective home buyers (that is, to people with whom they might enter into a purchase contract) "as soon as is practicable." (See Ohio Revised Code § 5302.30(C).)
You may have title to mineral rights on a property you own, or they may have been sold or leased by a prior owner, in which case they may not be yours to sell. Real estate law firms can research your chain of title to determine if the mineral rights transferred from owner to owner.
The official text of the administrative agency rules can be found in Baldwin's Ohio Administrative Code, which may be cited in the Courts of Ohio. The Ohio Monthly Record (OMR) gives notice to the public of repealed rules and proposed rules and publishes new and amended rules in chronological order on a monthly basis.
To find the ownership of mineral rights in Ohio is not a difficult activity. It's quite easy as ownership of mineral rights are recorded in any of the 88 county recorder offices in Ohio.
You could expect anywhere from $750/acre to $3,000+/acre depending on your location in the county. If you are currently leased, that will also play a role in how much your mineral rights are worth. As a general rule of thumb, you can expect around 2x to 3x the lease bonus amount.
(A) "Real property," "realty," and "land" include land itself, whether laid out in town lots or otherwise, all growing crops, including deciduous and evergreen trees, plants, and shrubs, with all things contained therein, and, unless otherwise specified in this section or section 5701.03 of the Revised Code, all ...
Do you have to report a death in your home while selling real estate in Ohio? Ohio has no requirement for disclosure of death for property.
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.
Purpose of Disclosure Form: This is a statement of certain conditions and information concerning the property actually known by the owner.
