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.
Rhode Island Option to Lease
Category:
State:
Multi-State
Control #:
US-OG-684
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Word;
Rich Text
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How to fill out Option To Lease?
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FAQ
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.
There is no rent control in Rhode Island, so a landlord is free to set the rent at whatever s/he decides. You and the landlord can agree on the date that rent will be paid. If your rent is more than 15 days late, you can be evicted for non-payment and the landlord can use a quick court proceeding.
A landlord must provide a tenant with a written notice 30 days or more prior to the effective date, for a rental increase for a residential tenancy that is on a weekly or monthly basis. With longer tenancies it is 30 days prior to expiration of the current rental agreement.
A Rhode Island month-to-month lease agreement is a rental contract between a landlord and tenant that authorizes the tenant to occupy a residential unit for one (1) month at a time. This type of arrangement is especially favorable for tenants who are unable to make the long-term commitment required in an annual lease.
Lower taxes, less security deposit regulations, and shorter eviction processes all make a state more landlord-friendly. We've decided that Alabama, Arizona, Colorado, Florida, Georgia, and Texas are the most landlord-friendly states.
Rhode Island is a somewhat landlord-friendly state because there are few rent control laws.
If the tenant wishes to terminate the lease early, they have to give a notice period of at least 10 days before date specified for termination for week to week lease; at least 30 days before date specified for termination for a month to month lease; at least 3 months prior to the expiration of the occupation year for ...
Rhode Island is a somewhat landlord-friendly state because there are few rent control laws.