Ohio Laws
Requirement to Record: Recording an option to purchase is not legally required. However, recording the option establishes notice to third parties that may be interested in purchasing the property.[1]
Expiration: Constructive notice for a recorded option expires when the option expires.[1]
Maximum Term: Ohio doesn’t impose a maximum term for leases with an option to purchase.
No Duration: If the lease doesn’t specify a duration for the option, it expires automatically when the lease expires.
Signing Requirements: Must be in writing and signed by the seller.[2]
Required Disclosures (1)
1. Lead-Based Paint Disclosure & EPA Pamphlet – Tenants moving into properties built before 1978 must know that lead-based paint could be on the walls or ceiling.
Seller’s Disclosures (1)
1. Residential Property Disclosure Form – When selling a residential property, the owner must describe its condition using this disclosure statement. It must be provided to the buyer before the agreement is signed.[3]