Updated on December 18th, 2020
The Ohio rent-to-own lease agreement gains the lessee the right to purchase the rental home throughout the duration of the tenancy. Many folks who need more time to arrange their finances in order to fund the acquisition of a residence will propose this type of arrangement to prevent another buyer from purchasing the dwelling. But, to entice the owner to follow through with such a request will generally demand a monetary sum be deposited upon entering into the contract.
Amongst the consideration provided for the option to buy, the parties utilizing this document must also specify the time span in which the option is available, the cost of the rent payments/damage deposit, and the final figure of the purchase price (should the lessee choose to acquire the premises). After the aforementioned features of the rental/sale have been entered into the form, it is crucial that the lessor, lessee, agent, and witness endorse the instrument to make certain that the agreement is legally binding.