Oklahoma Rent-to-Own Lease Agreement
An Oklahoma rent-to-own agreement is a legal document that outlines the terms of a residential lease, incorporating an option for the tenant to purchase the property before the lease term concludes. This type of agreement allows the tenant, who is also a potential buyer, to secure their right to purchase the property by paying an initial amount.
Oklahoma Rent-to-Own Lease Agreement
Key Features
In a rent-to-own agreement, the specifics of the sale are typically pre-agreed upon by both the tenant and the landlord. Should the tenant choose not to proceed with the purchase, the lease will end without any further obligations for either party. This arrangement provides flexibility for the tenant while ensuring that the landlord has a clear understanding of the terms.
Tenant Screening
It is advisable for landlords to thoroughly screen tenants using a rental application prior to finalizing any contracts. This process helps ensure that the tenant is suitable for the rental property and capable of fulfilling the terms of the agreement.
Additional Legal Considerations
For the actual sale of the property, a residential purchase agreement may be utilized. The relevant legal frameworks governing these agreements include:
- Landlord-Tenant Laws: Title 41 (Landlord and Tenant)
- Purchase Agreement Laws: Title 16 (Conveyances), Title 60, Chapter 16A (Residential Property Condition Disclosure Act)
Statutes
- Okla. Stat. tit. 41 § 105(B) – Mitigation of damages – Rights, obligations and remedies – Enforcement
- Okla. Stat. tit. 41 § 109(B) – Rent
- Okla. Stat. tit. 41 § 111(A) – Termination of tenancy
- Okla. Stat. tit. 41 § 111(B) – Termination of tenancy
- Okla. Stat. tit. 41 § 111(C) – Termination of tenancy
- Okla. Stat. tit. 41 § 113 – Rental agreements
- Okla. Stat. tit. 41 § 113.1 – Denial or termination of tenancy because of guide, signal or service dog
- Okla. Stat. tit. 41 § 115(A) – Damage or security deposits
- Okla. Stat. tit. 41 § 115(B) – Damage or security deposits
- Okla. Stat. tit. 41 § 116(A) – Person to accept service or notice – Identity of owner and manager – Failure to comply with section
- Okla. Stat. tit. 41 § 118(A) – Duties of landlord and tenant
- Okla. Stat. tit. 41 § 118(C) – Duties of landlord and tenant
- Okla. Stat. tit. 41 § 121 – Landlord’s breach of rental agreement – Deductions from rent for repairs – Failure to supply heat, water or other essential services – Habitability of dwelling unit
- Okla. Stat. tit. 41 § 122 – Damage to or destruction of dwelling unit – Rights and duties of tenant
- Okla. Stat. tit. 41 § 127 – Duties of tenant
- Okla. Stat. tit. 41 § 128(A) – Consent of tenant for landlord to enter dwelling unit – Emergency entry – Abuse of right of entry – Notice – Abandoned premises – Refusal of consent
- Okla. Stat. tit. 41 § 128(B) – Consent of tenant for landlord to enter dwelling unit – Emergency entry – Abuse of right of entry – Notice – Abandoned premises – Refusal of consent
- Okla. Stat. tit. 41 § 128(C) – Consent of tenant for landlord to enter dwelling unit – Emergency entry – Abuse of right of entry – Notice – Abandoned premises – Refusal of consent
- Okla. Stat. tit. 41 § 128(D) – Consent of tenant for landlord to enter dwelling unit – Emergency entry – Abuse of right of entry – Notice – Abandoned premises – Refusal of consent
- Okla. Stat. tit. 41 § 129(B) – Tenant’s breach of rental agreement – Wrongful abandonment
- Okla. Stat. tit. 41 § 131 – Delinquent rent
- Okla. Stat. tit. 41 § 132(B) – Tenant’s failure to comply with rental agreement or perform duties – Rights and duties of landlord
- Okla. Stat. tit. 41 § 132(C) – Tenant’s failure to comply with rental agreement or perform duties – Rights and duties of landlord
- Okla. Stat. tit. 41 § 132(D) – Tenant’s failure to comply with rental agreement or perform duties – Rights and duties of landlord
- Okla. Stat. tit. 12 § 1751 – [Effective Until 11/1/2024] Suits authorized under small claims procedure
- Okla. Stat. tit. 12 § 95(A)(1) – Limitation of other actions
- Okla. Stat. tit. 12 § 95(A)(2) – Limitation of other actions
- Sun Ridge Investors v. Parker
FAQs
An Oklahoma rent-to-own agreement is a document that outlines the terms of a residential lease, allowing the tenant the option to purchase the property before the lease ends. The tenant typically pays an initial fee to secure their right to buy the property.
The key laws governing landlord-tenant relationships in Oklahoma include Title 41, which covers landlord and tenant rights, Title 16, which pertains to conveyances, and Title 60, Chapter 16A, which addresses the Residential Property Condition Disclosure Act.
If a tenant chooses not to purchase the property in a rent-to-own agreement, the lease simply concludes without any further obligations for either party. The tenant can vacate the property at the end of the lease term.
Landlords should thoroughly screen tenants using a rental application before finalizing any contracts for a rent-to-own agreement. This helps ensure that the tenant is financially capable and responsible.
To finalize the sale of a property in a rent-to-own agreement, a residential purchase agreement is typically used. This document outlines the terms of the sale once the tenant decides to proceed with the purchase.
Resources for landlords and tenants in Oklahoma can be found in various documents, including the ‘Handbook (Guide) – What Are Your Rights and Duties as a Tenant?’ and the ‘Smoke-Free Landlord Manual,’ as well as legal titles such as Title 41 and Title 60, Chapter 16A.