The agreement is the whole deal
A purchase agreement is the contract that sets every term of your sale. Contracts for the sale of land have to be in writing to be enforceable, and the signed document controls over anything said in a phone call or at the kitchen table. If a buyer promised to cover a cost, handle the cleanout, or let you stay an extra week, look for it on the page.
The contract doesn’t transfer ownership by itself. That happens at closing, with a deed. But the agreement decides the price, the dates and who can walk away, so it’s worth reading slowly. We walk sellers through every page before they sign, and any buyer should be willing to do the same.
Section 1: who is buying
The first lines name the parties and the property. Check:
- Your name and every owner on the deed. Everyone on title will need to sign.
- The property. The address at least, and ideally the legal description or parcel number.
- The buyer’s exact name. If it’s a company, look it up on the Ohio Secretary of State business search and confirm it’s active.
- “And/or assigns.” These three words after the buyer’s name let them transfer the contract to someone else. That’s how wholesalers work. It doesn’t always mean trouble, but you should know. Wholesaler vs direct cash buyer explains the difference.
Section 2: price and money
The price section should be one clear number. Read for anything that reduces it:
| Clause | What to check |
|---|---|
| Purchase price | Written in numbers and words, and matching the offer you discussed |
| Earnest money | The amount, the deadline, and who holds it (ideally a named title company) |
| Credits or deductions | Any “repair credit,” “assignment fee” or “processing fee” coming off your price |
| Closing costs | Which side pays title fees, recording, the deed preparation and the conveyance fee |
| Prorations | How property taxes and any utilities are split as of closing |
Earnest money in the U.S. typically runs about 1% to 3% of the price. The tax proration line often surprises sellers; see property tax proration at closing in Ohio.
Section 3: the conditions and exits
This is where most problems hide. Find every clause that lets the buyer cancel or change the price:
- Inspection or due diligence period. How many days, and can they cancel for any reason during it?
- Title. What happens if the title search finds a problem?
- Funding or approval language. “Subject to financing,” “subject to partner approval” or “in buyer’s sole discretion” in a cash contract are red flags.
- Deposit status. Does the earnest money become non-refundable at some point?
Each of these is explained in contingencies in a cash offer.
Section 4: condition, contents and what stays
An as-is contract should say so plainly: the buyer accepts the house in its current condition and you aren’t making repairs. Then check:
- Included items. Appliances, window treatments, a shed, a generator. Fixtures go with the house unless the contract says otherwise.
- Personal property left behind. Can you leave belongings, or must the house be “broom clean”?
- Disclosures. Whether you’re giving the Ohio residential property disclosure form, and when. The Ohio residential property disclosure form guide explains it.
Section 5: dates, closing and possession
Dates should be calendar dates, not “on or about.” Look for:
- The closing date and the title company handling it.
- Possession. Usually at closing, but you can agree on a later move-out date. If so, the contract should cover utilities, insurance and what happens if you stay late.
- “Time is of the essence”, which makes the dates firm.
- Extensions. Can the buyer push the closing date, and how many times?
A quick search for red-flag phrases
If the agreement is long, search the document or scan for these words before you read the rest. Each one deserves a question:
| Phrase | What it can mean |
|---|---|
| “and/or assigns” | The contract can be sold to another buyer |
| “sole discretion” or “satisfactory to buyer” | The buyer can cancel for almost any reason |
| “subject to financing” or “subject to partner approval” | The cash isn’t in hand |
| “memorandum of contract” or “affidavit of interest” | A document may be recorded against your title |
| “administrative fee” or “processing fee” | Money coming out of your price |
| “extension at buyer’s option” | The closing date can slide |
A recorded memorandum is worth special attention. It puts the public on notice that the buyer claims an interest in your house, which can make it hard to sell to anyone else if the deal falls apart until it is released.
Section 6: default and signatures
The last section says what happens if someone doesn’t perform. Often the seller’s remedy is keeping the earnest money; some contracts allow more. Check for an arbitration clause or a clause on who pays legal fees. Read the default section with one question in mind: if the buyer simply doesn’t show up at closing, what do you get? Then make sure every page is initialed where required, every change is initialed by both sides, and you get a fully signed copy.
If you’re selling an inherited house, a house in a divorce, or a house with a lien, this review is worth an attorney’s time. Do I need a lawyer to sell my house in Ohio covers when it’s worth it. With us, the number we agree on is the number in the purchase agreement; you can see the full sequence on how it works.
