Ohio Real Estate Glossary
Clear definitions of key Ohio real estate terms with ORC citations where applicable.
Agency Disclosure
A form required by Ohio law (ORC 4735.56) informing clients whether an agent represents the buyer, seller, or both parties.
Property Condition Disclosure
An Ohio-required form (ORC 5302.30) where sellers disclose known material defects in the property.
Purchase Agreement
A legally binding contract between buyer and seller outlining price, terms, and conditions of a real estate sale.
Earnest Money
A deposit made by the buyer to demonstrate good faith commitment to purchase the property.
Closing Costs
Fees and expenses beyond the property price that buyers and sellers pay at closing, typically 2-5% of the purchase price.
Home Inspection
A professional examination of a property's condition, typically performed after an offer is accepted.
Days on Market
The number of days a property has been listed for sale on the MLS.
Dual Agency
When one agent or brokerage represents both the buyer and seller in the same transaction. Requires written consent in Ohio (ORC 4735.70).
Fiduciary Duty
The legal obligation of a real estate agent to act in the best interest of their client.
Buyer's Agent
A real estate agent who represents the buyer's interests in a transaction.
Ohio Fair Housing Act
Ohio law (ORC 4112) prohibiting discrimination in housing based on race, color, religion, sex, national origin, disability, familial status, ancestry, or military status.
Ohio Transfer Tax
A state and county tax charged when real estate changes ownership in Ohio, typically $1 per $1,000 of the sale price plus county conveyance fees.