Ohio Rent-to-Own Lease Agreement
An Ohio rent-to-own agreement is a legal document that combines a residential lease with a purchase agreement. This arrangement provides tenants the opportunity to purchase the property at a specified time, either during or after the rental period.
Ohio Rent-to-Own Lease Agreement
Key Features
- Lease Option Fee: Tenants are typically required to pay a fee upfront to secure their lease option.
- Rent Premium: Landlords may charge a rent premium, which is an additional amount added to the tenant’s regular monthly payments.
Tenant Screening
It is recommended to conduct a thorough tenant screening using a rental application before finalizing a rental agreement.
Transition to Purchase
When the agreed terms come to fruition and it is time to sell the property, a residential purchase agreement may be utilized.
Legal Framework
- Landlords and Tenants: Governed by Title 53, Chapter 5321.
- Conveyances; Encumbrances: Governed by Title 53, Chapter 5301.
- Property Disclosure Form: Referenced in § 5302.30.
- Handbook (Guide): Ohio Tenant-Landlord Law provides additional guidance.
Statutes
- Ohio Rev. Code § 5321.04 – Landlord’s obligations
- Ohio Rev. Code § 5321.05 – Tenant obligations
- Ohio Rev. Code § 5321.07 – Failure of landlord to fulfill obligations – remedies of tenant
- Ohio Rev. Code § 5321.08 – Rent deposits – duty of clerk of court
- Ohio Rev. Code § 5321.09 – Failure of tenant to fulfill obligations – remedies of landlord
- Ohio Rev. Code § 5321.10 – Release of part of rent
- Ohio Rev. Code § 5321.11 – Failure of tenant to fulfill obligations – remedies of landlord
- Ohio Rev. Code § 5321.13 – Terms prohibited in rental agreement
- Ohio Rev. Code § 5321.16 – Procedures for security deposits
- Ohio Rev. Code § 5321.17(C) – Termination of tenancy
- Ohio Rev. Code § 5321.17 – Termination of tenancy
- Ohio Rev. Code § 5321.18 – Requirements for disclosing landlord’s name and address
- Ohio Rev. Code § 5321.051(A)(2) – Eviction of tenant allowing sex or child victim offenders to occupy premises near school, child care facility
- Ohio Rev. Code § 1319.16 – Check collection charges
- Ohio Rev. Code § 1923.01(A) – Jurisdiction in forcible entry and detainer – definitions
- Ohio Rev. Code § 1923.02(A)(9) – Persons subject to forcible entry and detainer action
- Ohio Rev. Code § 1923.02 – Persons subject to forcible entry and detainer action
- Ohio Rev. Code § 1923.04(A) – Notice – Service
- Ohio Rev. Code § 1925.02(A)(1) – Jurisdiction
- Ohio Rev. Code § 2305.06 – Contract in writing
FAQs
An Ohio rent-to-own agreement is a legal document that combines a residential lease with a purchase agreement, allowing tenants the option to buy the property at a specified time during or after the rental period.
Key components of a rent-to-own agreement in Ohio include the lease terms, purchase price, option fee, and any rent premiums that may be charged. The agreement outlines the tenant’s right to purchase the property and the conditions under which this can occur.
Landlord-tenant relationships in Ohio are governed by Chapter 5321 of the Ohio Revised Code, which outlines the rights and responsibilities of both landlords and tenants.
A property disclosure form in Ohio, as specified in § 5302.30, is a document that landlords must provide to tenants, detailing the condition of the property and any known issues that may affect its value or safety.
Landlords in Ohio can conduct tenant screenings by utilizing a rental application that collects essential information about potential tenants, including their rental history, credit score, and employment status, before finalizing a rental agreement.
A rent premium in a rent-to-own agreement is an additional amount added to the tenant’s regular monthly rent payments. This fee may contribute towards the purchase price of the property or serve as compensation for the landlord.
A tenant can exercise their option to purchase the property at a specified time, which is typically outlined in the rent-to-own agreement, either during the rental period or at the end of it.