Purchasing a House in Ohio

[Daniel Fridrij]

Hello everybody.

We are close to purchase a House in Ohio, and I would really appreciate if someone could share with me, like a...mmm...a check list of the things we need to be done/pay attention in the closing stage.

Of course any other resource is welcome as well...

Thank you!

[Brandon Sturgill]

Irrespective, I'm sure your agent wrote the right contingencies into the offer contract...my standard are always:

• Finance (if you are using a bank loan)...if using cash, I would include a option to close with a bank loan as long as you close within contract terms
• Initial walk-thru of all units within 36-hours of acceptance- this will save you the inspection if there are major issues
• Copies of all leases and rent rolls, expense reports, receipts and list of improvements (for tenant occupied properties) within 36-hours (you may need to sign a non-disclosure)
• Attorney approval- buys you 7-days to exit if your lawyer disapproves of the sale
• Inspection- pretty standard- you will want to consider property, structural, WDI, sewer line, radon, and mold...all at an added cost- think of it as a cost benefit spend
• Estopple...well ,it depends. we usually do one before closing, but it's not required...I would make this standard on a larger MF property, though.
• 1040 Schedule E- again, you will likely need a non-disclosure...
• Those are your basic exit clauses and you can embed some others to cover your ***, but most will be removed by a savvy listing agent.
• Due diligence is the hustle...you need to verify condition and documentation, and get your final numbers run...make sure the deal meets your needs.@Daniel Fridrij