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Updated on August 24th, 2022
An Indiana rent-to-own agreement, also known as a “lease option,” is an arrangement between a residential property owner and an interested buyer whereby the buyer rents the owner’s property with the option to purchase and the end of the lease term. A lease option gives individuals with little savings and a potentially modest credit score the ability to move into a residence as a tenant while they raise the necessary capital to purchase the property and become the owner. In the event that the tenant doesn’t purchase before the lease expires, they will lose any funds that the property owner accepted as payment towards the proposed transaction.
Rental Laws – Title 32, Article 31 (Landlord-Tenant Relations)
Purchase Agreement Laws – Title 32 (Property in General)
Disclosures (3) |
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1) Disclosure of Structure in Flood Plain The landlord must disclose the risk of flooding if the lowest floor or basement of the rental property is at or below 100-year frequency flood elevations.
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The tenant must be provided with the names and addresses of individuals given the authorization to manage the property or receive/issue notices and demands.
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3) Lead-Based Paint Disclosure Tenants must be informed of the presence of lead-based paint if the rental property was built prior to 1978.
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