A North Dakota rent-to-own lease agreement binds a landlord and tenant into a contract governing both a rental arrangement and a purchase and sale agreement for the same property. Essentially, both parties enter into a leasing term that contains a fixed period in which the tenant can exercise an option to buy. Before they decide, the tenant(s) can inhabit the premises in exchange for monthly rental payments, similar to most other types of leases. These payments may be placed into a credit account towards the eventual down payment for the purchase. However, both parties must consent to such terms prior to executing their rent-to-own agreement.

Seller Disclosures

A seller of a property must disclose certain information affecting the premises before executing a purchase agreement with a potential buyer.

Lead-Based Paint Disclosure – In accordance with federal law, an individual purchasing a residence constructed before 1978 must be given a statement regarding any use of lead-based paint on the property.

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Seller’s Property Disclosure Statement (§ 47-10-02.1) – A disclosure statement must be provided by the seller(s) to the buyer(s) before reaching a formal agreement.

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