Ohio Code 5315.05 – Parties to lease with option to purchase agreement
(A) A former borrower and a former lender who are party to a lease with option to purchase agreement under divisions (A)(2) and (3) of section 5315.04 of the Revised Code are governed by Chapter 5321 of the Revised Code.
Terms Used In Ohio Code 5315.05
- Borrower: includes the original borrower's successor in interest. See Ohio Code 5315.01
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lender: includes the person entitled to enforce the instrument secured by the mortgage under division (A)(1) or (2) of section 1303. See Ohio Code 5315.01
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(1) The former borrower-lessee is responsible for all of the obligations of a tenant under section 5321.05 of the Revised Code as well as the duties under divisions (A)(1) to (6) of section 5321.04 of the Revised Code.
(2) Divisions (A)(1) to (6) of section 5321.04 of the Revised Code do not apply to a lender-lessor participating in the D.O.L.L.A.R. deed program in accordance with this chapter.
(B) A former borrower-lessee who defaults or otherwise fails to meet the terms of a lease with option to purchase agreement executed pursuant to this chapter forfeits the former borrower-lessee’s right to purchase the real property under division (B) of section 5315.04 of the Revised Code and has no further right of possession or occupancy and shall be subject to a forcible entry and detainer action under section 5321.03 and Chapter 1923 of the Revised Code.