Purchase Lease With Option
Description
How to fill out North Carolina Lease Purchase Agreements Package?
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FAQ
No matter the format, an option to purchase must: 1) state the option fee, 2) set the duration of the option period, 3) outline the price for which the tenant will purchase the property in the future, and 4) comply with local and state laws.
Example of a Lease Option In this case, the buyer-tenant pays an extra 3% of the total house price as a fee for the lease option. They also pay a premium on their monthly rent. They then have the option to buy the house they currently live in two years in the future at current market prices.
The difference between a lease option and a lease purchase agreement is that the lease option only obligates the seller to sell. A lease purchase agreement commits both parties to the sale barring breach of contract or the buyer's inability to secure a mortgage.
The option in a lease is nearly always a 'call' option. It means the tenant has the right to call upon the landlord to give them a new lease, on the terms originally agreed. The tenant should make sure they have met all the obligations of the lease and give the landlord written notice.