Property Ownership
In Ohio, a seller who intentionally fails to disclose a known material defect on the Residential Property Disclosure Form may face:
ANo consequences if the buyer had an inspection
BCivil liability for fraud and rescission of the sale✓ Correct
COnly a warning letter from ODREPL
DOnly liability if the defect was discovered within 30 days
Explanation
Intentional non-disclosure of known material defects exposes the seller to civil fraud claims, potential rescission of the sale, damages, and possibly punitive damages. The presence of a buyer's inspection does not necessarily shield the seller.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
State-Specific Concepts
Disclosure RequirementsDRE Regulation
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