An Ohio rent-to-own agreement is a legal document that merges a residential lease with a purchase agreement. This arrangement allows tenants the opportunity to potentially buy the property at a specified time, either during or after the rental period. To secure their lease option, tenants are typically required to pay a fee upfront. Additionally, landlords may charge a rent premium, an extra amount added to the tenant’s regular monthly payments.
Conduct a thorough tenant screening with a rental application before finalizing a rental agreement. Once terms are agreed upon and it comes time to sell the property, you may use a residential purchase agreement.
Landlord-Tenant Laws: Chapter 5321 (Landlords and Tenants).
Purchase Agreement Laws: Chapter 5301 (Conveyances; Encumbrances), ยง 5302.30.
