An Ohio rent-to-own lease agreement is a standard lease agreement that also contains the option for the tenant to purchase the property. It will include all of the expected items in a lease agreement, including but not limited to the monthly rent, security and pet deposits, and tenant responsibilities. The option to purchase the property will come next, with whatever purchase price, requirements, and arrangements were negotiated by the landlord and tenant. The tenant will pay regular monthly rent until they notify the landlord that they would like to enter into the purchasing phase of the agreement. Depending on what was negotiated, sometimes rent paid can apply to the purchase price of the property. The seller in a rent-to-own transaction is required to issue certain disclosures per Ohio law.

Seller Disclosures

Include when the tenant decides to buy the property.

Lead-Based Paint Disclosure – Use if the property was built before 1978.

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Residential Property Disclosure Form (§ 5302.30) – Discloses the overall conditions of the property.

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