An Oregon rent-to-own agreement is a document outlining the terms of a rental arrangement that also provides the tenant with the opportunity to purchase the property. During the lease period, the tenant can exercise their option to buy based on previously agreed-upon terms between the landlord and tenant.
Perform a thorough tenant screening using a rental application before signing any contracts. When the tenant decides to purchase the property, a formal purchase agreement becomes effective, binding both parties to the sale.
Landlord-Tenant Laws: Title 10, Ch 90. (Residential Landlord & Tenant).
