HB 145 Summary

• Requires vendors entering land installment contracts for residential structures to obtain and attach both a certified appraisal (conducted within the previous year) and a home inspection report from an American Society of Home Inspectors member before executing the contract.

• Defines "residential lease option contract" as an executory agreement combining a rental lease with an option to purchase, where the landlord retains title until the tenant exercises the purchase option and pays in full.

• Subjects residential lease option contracts to Ohio Landlord and Tenant Law (Chapter 5321), treating landlords and tenants under such contracts with full landlord-tenant protections and eviction procedures.

• Restricts option fees to a maximum of 1.5 times monthly rent per year and four times the first year's monthly rent over the entire option period; requires prominent disclosures stating the contract is not a purchase agreement and the option fee is non-refundable.

• Imposes liability of $90-$500 per violation plus actual damages and attorney's fees on landlords who fail to comply with disclosure and contract requirements, with courts authorized to void contracts and order fee refunds.