Angela, an Ohio seller, is selling a property she purchased as an investment 6 months ago. She has never lived in the property and has not made any improvements. Under ORC §5302.30, what is Angela's disclosure obligation?
Correct Answer
C) Angela is exempt from the disclosure form requirement because she never occupied the property
Under ORC §5302.30, the Residential Property Disclosure Form is required only for owner-occupied residential properties. Since Angela never lived in the investment property, she is exempt from the statutory disclosure requirement. However, she still has a common law duty not to conceal known material defects.
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An Ohio seller completes the Residential Property Disclosure Form, indicating no knowledge of any boundary disputes. After closing, the buyer discovers that the neighbor has been encroaching on the property for years and the seller knew about it. Under Ohio law, what liability does the seller face?
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Adam, a newly licensed Ohio salesperson, asks his broker what the seller must disclose about the property's septic system on the disclosure form. Under ORC §5302.30, which statement is correct?