By Joseph A. Zingales

 

As of January 1, 2013, the Ohio Residential Property Disclosure form has changed. This change affects most residential properties listed for sale in Ohio. Properties listed in 2012 which are still for sale in 2013 have the option to use the new form. In my opinion, the new changes bring awareness to sellers and buyers regarding issues they otherwise may have been unaware of such as mineral rights which may be sold separate from the property. The four changes: 1) Question regarding oil, gas or mineral right leases 2) Expanded question regarding assessments to include fees or abatements 3) Expanded question regarding homeowner’s association to include SIDs (Special Improvement District), CIDs (Community Improvement District) and LIDs (Local Improvement District) 4) Question regarding abandoned underground mines. Please refer to the following link for more detailed explanations.

http://ohiorealtors.org/2012/10/29/qa-regarding-ohios-new-residential-property-disclosure-form/

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