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Residential Property Disclosure Exemption Form …

This is not a state mandated form. This form has been developed by the Ohio Association of REALTORS® for use by REALTORS® assisting owners in

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Text of Residential Property Disclosure Exemption Form …

This is not a state mandated form. This form has been developed by the Ohio Association of REALTORS for use by REALTORS assisting owners in the sale of residential property. The exemptions noted above are not a complete list of the transfers exempt from the Residential Property Disclosure Form requirement. All exempted transfers are listed in ORC (B)(2). The Ohio Association of REALTORS is not responsible for the use or misuse of this form. Copyright Ohio Association of REALTORS 2012 Ohio Association of REALTORS Residential Property Disclosure Exemption Form To Be Completed By Owner Property Address: Owner s Name(s): Ohio law requires owners of residential real estate (1-4 family) to complete and provide to the buyer a Residential Property Disclosure Form disclosing certain conditions and information concerning the property known by the owner. The Residential Property Disclosure Form requirement applies to most, but not all, transfers or sales of residential property. Listed below are the most common transfers that are exempt from the Residential Property Disclosure Form requirement. The owner states that the exemption marked below is a true and accurate statement regarding the proposed transfer: (1) A transfer pursuant to a court order, such as probate or bankruptcy court; (2) A transfer by a lender who has acquired the property by deed in lieu of foreclosure; (3) A transfer by an executor, a guardian, a conservator, or a trustee; (4) A transfer of new construction that has never been lived in; (5) A transfer to a buyer who has lived in the property for at least one year immediately prior to the sale; (6) A transfer from an owner who both has inherited the property and has not lived in the property within one year immediately prior to the sale; (7) A transfer where either the owner or buyer is a government entity. ALTHOUGH A TRANSACTION MAY BE EXEMPT FOR THE REASON STATED ABOVE, THE OWNER MAY STILL HAVE A LEGAL DUTY TO DISCLOSE ANY KNOWN LATENT DEFECTS OR MATERIAL FACTS TO THE BUYER. OWNER S CERTIFICATION By signing below, I state that the proposed transfer is exempt from the Residential Property Disclosure Form requirement. I further state that no real estate licensee has advised me regarding the completion of this form. I understand that an attorney should be consulted with any questions regarding the Residential Property Disclosure Form requirement or my duty to disclose defects or other material facts. Owner: Date: Owner: Date: BUYER S ACKNOWLEDGEMENT Potential buyers are encouraged to carefully inspect the property and to have the property professionally inspected. Buyer acknowledges that the buyer has read and received a copy of this form. Buyer: Date: Buyer: Date:

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