Ohio Option to Lease

State:
Multi-State
Control #:
US-OG-684
Format:
Word; 
Rich Text
Instant download

Description

This form is used when Optionor grants and assigns the exclusive right and option, but not the obligation, to lease all or a portion of the Option Lands under the identical terms and conditions to purchase an Oil and Gas Lease on Lessor's undivided mineral interest in and under the lands covered in this lease.

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FAQ

A purchase lease option gives property investors the chance to rent a property and generate income from it, with the right, but not necessarily the obligation, to buy it at a later stage.

The Cons of Rent-to-Own Requires a mortgage once the lease ends: While rent-to-own agreements allow you to prepare your finances to own a home, be aware that if you don't have a mortgage approved by the time the lease ends, then this can void the original agreement and leave you without a home.

The renter has a chance to buy a property in the future at today's prices. If the renter doesn't have the money saved today to buy the home but is worried the home's value will increase in the next few years, the lease option is a good choice.

A lease purchase provides one avenue to acquire a home if the buyer cannot obtain a mortgage. The renter can use the time during the lease phase to improve his credit score prior to purchasing the home. If the house increases in value during the lease period, the buyer also gets the benefit of the additional equity.

A lease option is an agreement that gives a renter a choice to purchase the rented property during or at the end of the rental period. It also precludes the owner from offering the property for sale to anyone else. When the term expires, the renter must either exercise the option or forfeit it.

An Ohio rent-to-own agreement is a real estate document that combines a residential lease with a purchase agreement, giving tenants the prospect of buying the property at a designated period during or after the rental term.

In general, lease-to-own refers to methods by which a lease contract provides for the tenant to eventually purchase the property. One common lease-to-own strategy is to include an ?option to purchase? provision in the lease.

The Cons of Rent-to-Own Requires a mortgage once the lease ends: While rent-to-own agreements allow you to prepare your finances to own a home, be aware that if you don't have a mortgage approved by the time the lease ends, then this can void the original agreement and leave you without a home.

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Ohio Option to Lease