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Should the tenant/buyer be unable to purchase the house due to a lack of financing, the tenant and landlord can agree to extend the option period, convert the lease purchase contract into a traditional rental agreement, or end the contract with the tenant moving out and the landlord seeking other renters or buyers. [4]
Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions. Buyers and sellers are generally advised to consult a licensed real estate professional for a written definition of an individual state's laws of agency .
A lease option (more formally Lease With the Option to Purchase) is a type of contract used in both residential and commercial real estate.In a lease-option, a property owner and tenant agree that, at the end of a specified rental period for a given property, the renter has the option of purchasing the property.
The Oklahoma Constitution vests all legislative powers of the state government in the state legislature, which exercises legislative power by enacting Oklahoma law. The legislature may legislate on any subject and has certain " necessary and proper " powers as may be required for carrying into effect the provisions of the Oklahoma Constitution .
The Oklahoma House of Representatives is the lower house of the legislature of the U.S. state of Oklahoma. Its members introduce and vote on bills and resolutions, provide legislative oversight for state agencies, and help to craft the state's budget. The upper house of the Oklahoma Legislature is the Oklahoma Senate.
The speaker is an ex officio voting member that can participate in any committee vote. As a state representative, the speaker is entitled to participate in debate and to vote on the floor of the Oklahoma House of Representatives. Following the general election, the Secretary of State of Oklahoma transmits the results of the election to the speaker.
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