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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 the risks involved. The contract includes provisions for down payments, financing, inspections, and indemnity clauses. It emphasizes that the auctioneer represents the seller and details responsibilities regarding taxes and fees.

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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 the contract.
In the PROPERTY DESCRIPTION section, provide detailed information about the property being purchased, including its location and any identifying features.
Next, move to PRICE AND TERMS. Enter the high bid amount and buyer premium, ensuring that you calculate the total contract price accurately.
Complete the BALANCE & CLOSING section by specifying how and when you will pay the remaining balance on closing day.
Fill out OBTAINING FINANCING, indicating that this purchase is not contingent upon financing.
Review and complete all sections regarding BINDING OBLIGATION and OWNER’S CERTIFICATION to ensure clarity on responsibilities and disclosures.
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.

Who pays property taxes on a land contract in Ohio?

Most land contract homebuyers pay property taxes, even when their name is not on the deed.

What is the downside of a land contract?

A land contract is a form of seller financing for a real estate purchase. Similar to a lease, the buyer makes monthly payments to the seller to be credited toward the purchase price. Unlike a lease, the buyer is responsible for maintenance and repairs on the property.

How do I make a 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.

Is a land contract legal in Ohio?

What are the legal requirements for land contracts in Ohio? Ohio law requires that land contracts be recorded within 20 days of signing. If the buyer has paid 20% of the principal or has made payments for five years, the seller must initiate foreclosure rather than forfeiture if the buyer defaults.

How does a land contract work in Ohio?

Backing out of a contract can have financial and legal consequences. Buyers who back out without cause typically forfeit their earnest money deposit, and the seller could bring legal action. If the seller cancels the contract without cause, the buyer could sue the seller to force them to complete the sale.