North Dakota Laws
Requirement to Record: A lease with an option to purchase is not legally required to be recorded. However, an option to purchase is not protected against third-party challenge unless it is recorded.[1]
Expiration: Constructive notice does not expire by statute for this type of option.
Maximum Term: North Dakota law does not set a maximum term for a lease with an option to purchase.
No Duration: If the option does not include a specific duration, the option will expire automatically with the lease itself.
Signing Requirements: Must be in writing and signed by the seller.[2]
Required Disclosures (2)
1. Lead-Based Paint Disclosure & EPA Pamphlet – Landlords of any properties built before 1978 must notify their tenants of the possibility of the presence of lead-based paint.
2. Property Condition Statement – Both the landlord and tenant must sign a statement documenting the condition of the property before the tenant moves in.[3]
Seller’s Disclosures (1)
1. Seller’s Property Disclosure Statement (conditional) – A disclosure statement must be provided by the seller to the buyer before an agreement is authorized if a real estate agent represents either party in the transaction and if the property is for a dwelling of four units or fewer.[4]