This office lease provision states that at the end of the fifth (5th) year of the lease, the tenant shall have an option to purchase the building in which the premises is located at fair market value.
Ohio Provision Setting Out a Purchase Option
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US-OL2404
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FAQ
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.
An Ohio rent-to-own agreement is a real estate document that combines a residential lease with a purchase agreement, giving tenants the prospect of buying the property at a designated period during or after the rental term.
Section 5301.233 | Mortgage may secure unpaid balances of advances made.
In a standard Lease-Purchase Contract, the two parties agree to a lease period during which rent is paid, and the terms of the sale at the end of the lease period, including sale price. Often, the contract is structured in two parts, one representing the lease term and the other a contract of sale.
Option Contracts in Real Estate The contract must be in writing. The contract must specify the location, such as the lot and block, subdivision, city, and state. The agreed-upon time frame of the contract must grant the buyer's right to purchase. The buyer and the seller must agree upon the purchase price.
An option assignment represents the seller's obligation to fulfill the terms of the contract by either selling or buying the underlying security at the exercise price. This obligation is triggered when the buyer of an option contract exercises their right to buy or sell the underlying security.
