An Indiana lease-to-own lease agreement sets all terms and conditions of a rental arrangement with the option to purchase. At first, the lease serves as most other types of leasing contracts do — to bind a landlord of residential property and the individual(s) renting the space. Both parties assume their roles and responsibilities under contract, and the tenant usually pays a monthly rent to the landlord. However, in a rent-to-own lease, the tenant also has the ability to exercise a purchase option within a defined period. The tenant may transition from renter to owner, provided such terms were predetermined on the initial lease. Rental payments made prior to entering the buy clause may be credited towards the real estate’s total acquisition price, depending on whether the parties consented to that arrangement beforehand.

Seller Disclosures

Below, the disclosures that must accompany a purchase and sale transaction can be found. Note that certain properties may or may not require the forms, depending on the year the structure was built and whether it is predominantly for residential use.

Lead-Based Paint Disclosure – Dwellings built before the year 1978 may contain lead-based paint, and, therefore, sellers must disclose this information to all prospective buyers under federal law.

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Seller’s Residential Real Estate Sales Disclosure (Form 46234) (§ 32-21-5-7) – This disclosure must be completed by the seller of a residential property and presented to any potential buyer.

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