Dan, an Ohio seller, asks what happens if he refuses to complete the Residential Property Disclosure Form. Under ORC §5302.30, what are the consequences?
Correct Answer
A) The buyer may have the right to rescind the purchase agreement, and the seller may face legal liability
Under ORC §5302.30, failure to provide the required Residential Property Disclosure Form may give the buyer the right to rescind the purchase agreement. The seller may also face legal liability if undisclosed conditions are later discovered, as the failure to disclose may be used as evidence of intent to conceal.
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More Oh Disclosure Requirements Questions
An Ohio property is in a township that has recently enacted a point-of-sale inspection requirement for residential property transfers. The seller was not aware of this new requirement. Under Ohio practice, whose responsibility is it to ensure compliance with local point-of-sale requirements?
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- → 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?
- → Kevin, an Ohio first-time seller, asks whether he must disclose that his property is connected to the municipal sewer system. 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?
- → 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?
- → 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?
- → Roger, an Ohio seller, asks his agent whether mold is considered an environmental hazard that must be disclosed. Under Ohio disclosure practice, which statement is correct?
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Previous Question
An Ohio seller completes the Residential Property Disclosure Form listing no known issues with the electrical system. The seller hired an electrician 2 years ago who identified outdated wiring and recommended upgrades, but the seller chose not to make the repairs. Under Ohio law, what is the seller's disclosure obligation?
Next Question
An Ohio seller discloses a history of radon testing on the Residential Property Disclosure Form. The test from 3 years ago showed 3.8 pCi/L, which is below the EPA action level of 4.0 pCi/L. After closing, the buyer tests and finds 5.5 pCi/L. Under Ohio law, is the seller liable?