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.
Oklahoma Option to Lease
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Multi-State
Control #:
US-OG-684
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Word;
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FAQ
Benefits of a Lease-Option The current owner retains the title, and thus the tax advantages of the property, during the option term. Even so, because the tenant/buyer's goal is to own the property, the tenant/buyer generally maintains the house in better condition that a typical tenant/buyer otherwise would.
For sellers, a lease option might make sense because it: Increases rental income: Because renters in a lease option pay above-market rent, landlords can earn more in rent than they would with other types of leases.
Both the landlord and the tenant must agree to renew. If they don't come to an agreement, landlords usually make other plans. ?At the time that their lease is over then their contract ends and they would be required to move out," said Keri Cooper, executive director of the Tulsa Apartment Association.
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.
Stability is the key advantage of a lease. You're entitled to stay in your home through the duration of the contract. It's an ideal arrangement for someone who knows they want to stay in a place long-term. No rent increases.
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.
Oklahoma state law needs at least 30 days notice for early cancellation of a lease agreement. Here is a full guide to Oklahoma Lease Termination Notice.
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.