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Ohio land contract template

Real estate purchase land contract ohio 2025

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The document is a legally binding contract for purchasing real estate at a public auction through Ohio Real Estate Auctions, LLC. It outlines the property description, purchase price, payment terms, closing procedures, and conditions of sale. The buyer agrees to purchase the property 'as-is' without contingencies and acknowledges that they are responsible for inspections and financing. The contract includes provisions for down payments, closing costs, and indemnity clauses, emphasizing that time is of the essence and any failure to close may result in forfeiture of the down payment.

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Click ‘Get Form’ to open the real estate purchase land contract in the editor.
Begin by filling in the date at the top of the form. This is essential for establishing a timeline for your agreement.
In the PROPERTY DESCRIPTION section, provide detailed information about the property being purchased, including its location and any identifying features.
Next, complete the PRICE AND TERMS section. Enter the high bid amount, buyer premium, and total contract price. Specify your down payment amount and ensure you understand its non-refundable nature unless conditions are met.
Fill out the BALANCE & CLOSING section with details regarding how and when you will pay the remaining balance of the purchase price.
Review sections on OBTAINING FINANCING and BINDING OBLIGATION carefully to understand your commitments regarding financing and property condition.
Complete OWNER’S CERTIFICATION by ensuring all disclosures are accurate and that you acknowledge any existing conditions or defects.
Finally, sign and date where indicated at both Purchaser and Seller sections to finalize your agreement.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Does a land contract have to be recorded in Ohio?

Does a land contract have to be recorded? Yes, a land contract (Ohio-based and in other states) must be recorded shortly after the agreement is executed.

How does a land contract work in Ohio?

An installment land contract in Ohio is an alternative to a traditional mortgage, wherein the buyer makes regular monthly payments to the seller. No banks or approvals are required to enter into this type of arrangement, and generally, there is considerably more flexibility and fewer protections because of this.

How long can a land contract last in Ohio?

If the vendee of a land installment contract has paid in accordance with the terms of the contract for a period of five years or more from the date of the first payment or has paid toward the purchase price a total sum equal to or in excess of twenty per cent thereof, the vendor may recover possession of his property

What are the requirements for a real estate contract in Ohio?

Ohio law requires contracts for the sale of real property to be in writing and signed by both parties, as per R.C. 1335.05, to be enforceable. The Note covers essential contract terms such as identification of parties, property description, purchase price, and conditions precedent.

How do I write a simple land purchase agreement?

How to Write a Land Purchase Agreement Step 1 Write the Date of the Agreement. Step 2 Enter Seller and Buyer Information. Step 3 Note Property Description. Step 4 Fill In Purchase Price. Step 5 Enter Financing Details. Step 6 State Any Seller Representations and Warranties. Step 7 Enter Closing Details.

land contracts in ohio

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Can real estate be purchased under a land contract?

Land contracts are a form of owner financing for buyers who dont qualify for a traditional mortgage loan, perhaps due to bad credit or a prior foreclosure or short sale. You can use a land contract to buy various types of real property, including: Vacant land. Houses.

How to buy a house on land contract in Ohio?

A land contract in Ohio is a form of seller financing where the buyer agrees to make payments directly to the seller over a period of time. The buyer takes possession of the property but doesnt receive legal title until the contract is fully paid off, at which point the seller transfers ownership.

Who pays homeowners insurance on a land contract in Ohio?

Homeowners insurance and property taxes can be paid by either the buyer or seller, and this should be clearly outlined in the land contract.