All of us at Ohio Broker Direct are pleased to roll out our new Ohio Broker Direct Residential Purchase Contract. This is the result of an extensive collaboration with Jay Blazek, a prominent Real Estate Attorney with over 3 decades of commercial and residential real estate experience and Joan Elflein, a Real Estate Broker with over 4 decades of experience in the real estate industry. The Ohio Broker Direct Residential Purchase Contract is available to download for the exclusive use of our clients and customers.
For Sale By Owner and Realtor Purchase Contracts
We are often asked whether there is a difference between the For Sale By Owner and Realtor Purchase Contracts used in the current market place – the answer is YES. State law does not mandate the use of a specific purchase contract for the purpose of buying or selling real estate, however membership is required to utilize contracts offered for use by various Boards of Realtors and they all vary in detail, length, and terms. Many real estate brokerages retain legal counsel to collaborate and create contracts for use by their agents only. For Sale By Owner purchase contracts are readily available online and are offered by most title companies. A Buyer or Seller can always retain legal counsel to prepare a purchase contract custom-tailored to their specific needs.
What Makes Our Contract Unique?
The Ohio Broker Direct Residential Purchase Contract is For Sale By Owner (FSBO) and licensed Real Estate Professional user friendly. Unlike the various contracts currently in use by various local boards of Realtors or the Ohio Association of Realtor Contract, utilizing our contract does NOT require Realtor membership to the National Association of Realtors, an organization currently contending with numerous commission and discrimination lawsuits.
How Might This Impact You?
The Ohio Broker Direct Residential Purchase Contract contains detailed language referencing accountability with lender financing and adherence to the timelines delineated therein, as well as additional options specifying the terms for depositing the earnest money, including a requirement for earnest money to be held by the title company as a neutral third-party holder. This contract also delineates terms pertaining to the appraisal and survey. There are multiple options with respect to the coverage, protection and selection of title insurance policies, including who shall bear the cost, as well as the option for an Attorney Opinion Letter in lieu of a title insurance policy.
In a previous blog we had addressed concerns regarding the contract utilized by the Central Ohio Board of Realtors, which incorporates language to protect the Buyer should their agent fail in their due diligence to ensure their Buyer follows the timeline incorporated therein. Said language (Demand for Financing Evidence) in section 3.3 negates the Seller’s right to immediately terminate the contract due to the Buyer’s failure to perform in accordance with the original terms delineated therein. While a Buyer or Seller may counter any terms specified in a purchase contract, it is Joan Elflein’s personal and professional opinion that such language should not have a place in purchase contract created by an organization that purports to treat Buyers and Sellers equally.
In 2023 the Ohio Realtors, formerly known as the Ohio Association of Realtors (OAR), released their version of a residential purchase contract intended for use by Ohio Realtor membership only. As a member of the OAR, Joan posted it on the Ohio Broker Direct resource page for all to review, however their legal counsel expressed disapproval of our having made it both publicly viewable and downloadable. The document was immediately removed per their written request.
The real estate brokerage that held Joan’s original real estate license in 1983 required the use of a simple two-page purchase agreement. 40+ years later we often see purchase agreements exceeding 14 pages in length, crafted in legalese, and offering terms that often confuse agents, as well as the Buyer and Seller. Although our seven-page Ohio Residential Purchase Contract is designed for use by either For Sale By Owner (FSBO) or licensed Real Estate Professionals, we encourage all participants in buying or selling real estate to consider enlisting the services of an experienced Real Estate Attorney.
About Ohio Real Estate Attorney Jay Blazek
Joan has known Jay for decades and he has 30+ years of experience in real estate and probate law, which often requires the need to disentangle real estate assets from other assets of an estate. As an entrepreneur, real estate investor and real estate attorney, Jay has personally handled numerous commercial, residential and 1031 exchange real estate transactions. He’s litigated curative and quiet title actions, probate and estate planning, environmental, eminent domain, eviction, foreclosure, lien release litigation including, but not limited to, IRS liens, mechanic liens and tax liens, as well as real estate fraud cases, and zoning compliance. Having ownership interests in a title company has maximized his ability to service the specific needs of his individual and corporate clientele.
Selling your home on your own without the assistance of a traditional service Real Estate Brokerage will require both commitment and due diligence for which you may be rewarded by saving thousands of dollars in commissions. Maximizing marketing exposure is key. We have SOLD well over a BILLION DOLLARS in Real Estate & saved Sellers millions of dollars in Real Estate commissions.
Please contact our team to learn how the For Sale By Owner Ohio Flat Fee MLS Listing options at Ohio Broker Direct will enhance your marketing exposure to ensure a more expeditious sale, yielding a higher price with better terms that suit your specific needs. Reach out to us directly, visit our blog, or sign up for our newsletter to receive the latest information to ensure you have the knowledge to maximize your profit.