A lease-to-purchase agreement Ohio template is a lease that can convert to a purchase agreement. The tenant can buy the premises after or during the lease term. The document must contain specific information, such as the general contract terms and conditions. However, another essential bit of information is the property’s purchase price and the timeframe. Plus, this document ensures all required information is included that applies to the state of Ohio.
LPA Requirements in Ohio
All the necessary clauses and information, as required by the laws of Ohio,are included in this contract. For example:
- Per the OhioStatute of Fraud, both parties must sign a written agreement. It ensures you notarize the lease-to-purchase document. Notarization is required if it lasts more than three years, as per the Statute of Conveyances.
- Terms indicating what, if any, part of the rental amount contributes to the purchase are vital.
- State-required information like the occupancy terms, rental amount, and more are required.
- Lead-based Paint Disclosure
- Security Deposit Interest and Return Period
We provide transparent and legally compliant contracts. Ohiolaws work against the landlord should there be unclear language since most landlords are the ones to draw up the contract document. So, use this template to create a detailed and legally compliant lease-to-purchase agreement.