Buyer's Info

Congratulations on finding a property you'd like to purchase. As a buyer, there are a number of things you need to know and information that is required from you.

You will be pleased that the parties involved have decided to utilize the services of Ace Title, LLC in this transaction. Ace Title, LLC specializes in assisting sellers who have decided to market their home as well as buyers who have found the home of their dreams. Please review the following information and follow the step-by-step instructions with the seller. Within three to five weeks, you should receive keys to your new property.

State of Ohio Residential Property Disclosure

A requirement in the State of Ohio, this form discloses the condition of the property based upon the seller's knowledge. The entire form should be filled out and signed by the seller and then by you.
Residential Disclosure Form

Lead-Based Paint Disclosure

Required if the home was built before 1978. Sellers must disclose known information about lead-based paint hazards before selling a house.
Lead-Based Paint Disclosure Form

Purchase Agreement

You will need two copies of the purchase agreement. We have provided a sample purchase agreement. We recommend, however, that you seek the advice of an attorney, especially if there are items to be added to the agreement.
Sample

Earnest Money

Agreed upon by both the buyer and seller on the purchase agreement, the "monies" are paid to initiate the sale.

Warranty Deeds

The most common form of deed in which the grantor fully warrants good and clear title to the property. A title examination is required to issue such a deed, hence the need for the services of Ace Title, LLC. There are two types of warranty deeds.

Tenancy-in-Common: each owner has an "undivided interest" in the property. When there is more than one owner, the undivided share will pass to the deceased party's heirs, while the other owner's) retains his or her original percentage. If there is only one owner, the title passes to his or her heirs unless otherwise stated in his or her will.

Joint and Survivorship: upon the death of one of the owners, the survivor(s) in title take over the deceased party's portion of the property.

Quitclaim Deed

The most basic of deeds in which the seller quit claims his interest to the property and transfers title to the buyer. There are no warranties (guarantees) that the seller has good title and, therefore, the buyer has no recourse against the seller if there are defects in the title, hence the need for a title examination and title insurance. Ace Title, LLC, by law, is not permitted to advise you on legal issues and, therefore, cannot advise you as to what deed type is best for your circumstances. Please direct these questions to your real estate attorney or review our service vendor list for suggested, established real estate attorneys and practitioners in the area.

What Do I Do Next?

Once both you and the seller have signed the purchase agreement and proper disclosures title work can be started. If you are working with a mortgage broker or a lender, please advise them that Ace Title, LLC has been contracted to do the title and escrow work for the purchase of your home. Ace Title, LLC and your mortgage broker or lender will need a copy of the purchase agreement and proper disclosures. If you are working with a mortgage broker or lender, please have them contact us and we will work together to make this transaction as seamless as possible.