Under ORC §5302.30, the Ohio Residential Property Disclosure Form requires disclosure of various property conditions. All of the following must be disclosed on the form EXCEPT:
Correct Answer
A) The seller's outstanding mortgage balance and monthly payment amount
The seller's outstanding mortgage balance and monthly payment amount are not required to be disclosed on the Residential Property Disclosure Form. This financial information is private and is addressed separately during the closing process, not through the disclosure form.
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A stigmatized property is one that has an undesirable reputation due to events that occurred on the property or nearby, such as a murder, suicide, alleged haunting, or proximity to a registered sex offender. The stigma is psychological, not physical.
An as-is clause in a real estate contract states that the buyer accepts the property in its current condition without requiring the seller to make any repairs. However, an as-is sale does NOT eliminate the seller's obligation to disclose known defects.
Asbestos disclosure involves informing buyers about the presence of asbestos-containing materials (ACMs) in a property. Asbestos was commonly used in construction materials before 1980 and poses health risks when fibers become airborne.
More Oh Disclosure Requirements Questions
Lisa, an Ohio seller, discovers that her property's drinking water has high iron content, causing staining of fixtures. The water is safe to drink but cosmetically unpleasant. Under Ohio disclosure law, must Lisa disclose this?
Carlos, an Ohio seller, is asked about HOA assessments on the disclosure form. The HOA has informed all owners of a pending special assessment for pool repairs but has not yet voted on the exact amount. Under Ohio law, must Carlos disclose this?
An Ohio property was enrolled in Ohio's Voluntary Action Program (VAP). During remediation, institutional controls were placed on the property restricting future use to residential purposes only and prohibiting excavation below 5 feet without Ohio EPA approval. Under Ohio law, what must the seller disclose about these restrictions?
An Ohio listing agent receives a home inspection report from the buyer's agent showing significant issues. The listing agent's current listing on the same property expires, and 6 months later, a new agent lists the property. Under Ohio law, does the original listing agent have any obligation regarding the inspection report?
Susan, an Ohio buyer's agent, discovers that a property she is showing has a known code violation. Under Ohio law, what is Susan's disclosure obligation?
- → Jake, an Ohio seller, has a property with a French drain system installed to address yard drainage issues. Under Ohio disclosure law, must Jake disclose the drainage system?
- → Terry, an Ohio seller, has a property with a water softener installed to treat hard water from the private well. Under Ohio disclosure law, must Terry disclose the water softener and the reason for its installation?
- → Tom, an Ohio seller, asks whether he must disclose that the property has a sump pump in the basement. Under Ohio disclosure practice, which statement is correct?
- → Nancy, an Ohio buyer, is purchasing a property and asks about environmental assessments. Her agent explains the different phases. Under Ohio environmental practice, what is the purpose of a Phase I Environmental Site Assessment?
- → Sara, an Ohio buyer, asks her agent whether she should conduct an environmental assessment before purchasing a residential property in a suburban neighborhood. Under Ohio practice, when is an environmental assessment typically recommended?
- → Christine, an Ohio seller, knows her property contains asbestos floor tiles in the basement. The tiles are in good condition and undamaged. Under Ohio disclosure law, must Christine disclose the asbestos?
- → Emily, an Ohio buyer, is purchasing a property near a former landfill. She asks her agent about potential environmental concerns. Under Ohio practice, what should the agent advise?
- → Under Ohio environmental disclosure requirements, sellers must disclose various environmental conditions. All of the following are environmental conditions that must be disclosed on the Ohio Residential Property Disclosure Form EXCEPT:
- → Amanda, an Ohio seller, is completing the Residential Property Disclosure Form. The form asks about environmental hazards. Under Ohio law, which of the following must be disclosed if known?
- → An Ohio seller's property has naturally occurring radon levels that exceed the EPA action level of 4.0 pCi/L. The seller had a mitigation system installed that reduced levels to 2.0 pCi/L. Under Ohio disclosure law, what must the seller disclose?
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Previous Question
An Ohio seller completes the Residential Property Disclosure Form but fails to disclose a known mold issue in the bathroom. The buyer discovers the mold after closing and sues. Under ORC §5302.30, what standard of liability applies to the seller?
Next Question
Lisa, an Ohio buyer, receives the Residential Property Disclosure Form and discovers that the seller marked several items as 'Unknown.' Lisa asks her agent whether the seller can do this. Under ORC §5302.30, which statement is correct?