An Oklahoma rent-to-own agreement is a form used to define the conditions of a residential tenancy arrangement that includes the option to buy the rental property before the agreement expires. The prospective buyer (tenant) is typically required to make a down payment to secure their purchasing rights on the property. This fee is generally around 3% of the agreed-upon sale price and may act as a credit towards the sale should the tenant exercise their purchase option.
Whereas a standard lease has a fixed term of one (1) year, rent-to-own agreements are usually several years in length. The extended lease term offers the tenant ample time to acquire funding and improve their financial standing for mortgage approval.
Rental Laws – Title 41 (Landlord and Tenant)
Purchase Agreement Disclosures – Title 60, Ch. 16A (Residential Property Condition Disclosure Act)
Purchase Agreement Laws – Title 16 (Conveyances)
Landlords must disclose all information relating to any known flooding events that have occurred on the property within the past five (5) years.
The landlord must notify the tenant of the name and mailing address of the property manager, as well as those of the building owner or person permitted to act for the owner to receive notices and demands from the tenant and paperwork issued by the court.
If a residential dwelling unit was built before 1978, the landlord must provide the tenant with this disclosure of lead paint information.
If the landlord knows or believes that the leased property was used to manufacture methamphetamine, this information must be conveyed to prospective tenants before the commencement of a rental agreement.