An Oklahoma rent-to-own agreement is a document outlining the terms of a residential lease that incorporates an option for the tenant to purchase the property before the lease ends. The tenant, who is also a potential buyer, usually needs to pay an initial amount to affirm their right to buy the property.
The specifics of the sale are usually agreed upon in advance by the tenant and landlord. Should the tenant choose not to purchase, the lease concludes without any obligation for either party. Screen tenants thoroughly with a rental application before finalizing any contracts.
When it comes to actually selling the property, you may use a residential purchase agreement.
Landlord-Tenant Laws: Title 41 (Landlord and Tenant).
Purchase Agreement Laws: Title 16 (Conveyances), Title 60, Ch. 16A (Residential Property Condition Disclosure Act).
