Lease-to-purchase And Rent-with-option Allow Homeowners To Become Renters
Description
How to fill out North Carolina Lease Purchase Agreements Package?
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FAQ
A South Carolina rent-to-own agreement is a legally binding contract allowing a tenant to lease a property while having an option to purchase. The tenant will be obligated to fulfill the terms of the lease if they do not buy the property.
A South Carolina rent-to-own agreement is a legally binding contract allowing a tenant to lease a property while having an option to purchase. The tenant will be obligated to fulfill the terms of the lease if they do not buy the property.
In general, lease-to-own refers to methods by which a lease contract provides for the tenant to eventually purchase the property. One common lease-to-own strategy is to include an ?option to purchase? provision in the lease.
These types of clauses provide tenants with the option to purchase the landlord's building after a specified period, for a predetermined and fixed price.
For example, a tenant and landlord may agree to a five-year lease with a five-year option to renew. At the end of the first five years, the tenant is given the chance to continue the lease for another five years. If you think you may renew, be sure to bring up extension provisions with your landlord.