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An Oregon rent-to-own agreement is a form that authorizes a tenant to rent real estate for a fixed term with the option of buying the rented space when the term expires. In addition to the monthly rent, the tenant may be required to pay an upfront, non-refundable fee. The payment of the fee ensures their right to buy the property when the option period (the time frame when the purchase can be made) becomes effective.
Tenants seeking to acquire property through a rent-to-own lease often have below-average credit and cannot afford a down payment or acquire a loan. The tenant’s goal while leasing the space is to take steps towards financial stability and obtain the requisite funds. To the tenant’s benefit, the agreement term is typically longer than that of a standard lease, giving them sufficient time to prepare for the purchase.
Rental Laws – Title 10, Ch 90. (Residential Landlord & Tenant)
Purchase Agreement Disclosures – § 105.465
Purchase Agreement Laws – § 93.040
Disclosures (9) |
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If the rental unit is located in a 100-year flood plain, this information must be announced in the lease agreement.
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2) Carbon Monoxide Alarm Instructions If there is a source of carbon monoxide on the premises of the rental property, the landlord will need to provide the tenant with a carbon monoxide alarm and a leaflet explaining how to test and run the device.
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3) Condition Report (City of Portland Only) If the landlord requires prepayment of a security deposit, they must provide the tenant with this property condition report within seven (7) days after the lease commencement date.
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4) Disclosure of Legal Proceedings Any outstanding notice of default, pending foreclosure, or other legal proceedings against the property must be disclosed to the tenant in writing before the execution of the lease (only applicable if the rental property has four (4) or fewer units).
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The landlord must give the tenant the property manager’s name and address, as well as the name and address of the owner or an agent of the owner who is authorized to accept service of process, notifications, and demands.
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6) Lead-Based Paint Disclosure This notice warns tenants that toxic paint may exist in and about the leased premises. Tenants must receive this notice if the rented property was constructed before 1978.
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Landlords must provide recycling instructions to their tenants at least once per year if the building has five (5) or more rental units and is located inside an urban growth boundary.
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The rental agreement must identify the areas where tenants can and cannot smoke.
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9) Utility and Service Disclosure If the tenant pays a utility or service fee that benefits any area of the property outside of their dwelling unit, the landlord must disclose this information to the tenant in writing.
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