Property Management
In Ohio, a 'lease renewal' clause automatically extends the lease if:
AThe landlord agrees to any new terms
BNeither party gives notice to terminate within the specified period✓ Correct
CThe tenant is current on rent at the end of the lease term
DThe original lease was for more than one year
Explanation
An automatic renewal clause extends the lease for an additional term unless one party provides timely notice of their intent not to renew. Without proper notice, the lease renews automatically.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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