The Oklahoma rent-to-own lease agreement, also known as an “option to purchase agreement”, is a beneficial legal form that can be put into practice when a renter would like the choice of being able to buy the property throughout the term of the contract. Although the option is available, it is not necessarily obligated for the lessee to follow through with the acquisition. That being said, the lessee is usually required to supply some type of deposit to gain the right to buy. If both parties are interested in entering into this type of arrangement, they should then furnish the document with the required components of the rental/sale, such as:
- Names of Both Parties
- Description of the Premises
- Period of the Option
- Required Payments (consideration for the option, rent, security deposit, purchase price, etc.)
This should all be followed up with signatures from the landlord, tenant, agent (if applicable), and a witness.