The Ohio purchase agreement is a legally binding document that lays out the terms and conditions of a real estate transaction. The agreement records essential information about the buyer and seller, including their identities and contact details. In addition, it outlines key details of the property, such as its location, size, and physical condition. It also specifies the purchase price, earnest deposit, closing date, and any contingencies that may be applicable. Once both parties have accepted the terms of the agreement, they may exchange a good faith deposit and arrange for property inspections to be conducted prior to closing.