Real Estate and Home Sales

davesquestionsohio asked:


Is a renter entitled to any amount of the proceeds on the sale of a home if they have paid rent for 5 years or 20% of the value on the home. I am trying to get a clarification on this law. Does it really exist in the state of Ohio?

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3 Responses to “What is the 5 or 20 law in regards to a lease with an option to buy on a home? Is it real?”

1. question_ahoy Says:
   June 12th, 2010 at 7:11 pm

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   I don’t know if there’s a specific law. The terms of any option to purchase should be spelled out in any written and signed agreement. (And for something like this, you would need a written and signed agreement for it to be enforceable.)

   I did find something from the city of Cincinati that gives some information on renting with an option to purchase in their city:

2. dave_the_rave_uk Says:
   June 14th, 2010 at 3:05 pm

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   to be honest i dont think so

3. Carol P Says:
   June 15th, 2010 at 11:45 pm

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   did you have a written land contract and was it filed?=’ohio%20land%20contract’

   chapter 5313 ohio revised code
   ” “Land installment contract” means an executory agreement which by its terms is not required to be fully performed by one or more of the parties to the agreement within one year of the date of the agreement and under which the vendor agrees to convey title in real property located in this state to the vendee and the vendee agrees to pay the purchase price in installment payments, while the vendor retains title to the property as security for the vendee’s obligation. Option contracts for the purchase of real property are not land installment contracts. ”

   lease with option covered by chapter 5321 ohio revised code
   some ofit is covered here

   good luck