This document is a short lease form for the premises described within the Agreement. The lessor, in consideration of the covenants of lessee, leases and demise unto the lessee, and lessee agrees to take and lease from the lessor, for the term specified, the premises described in Exhibit A which is incorporated by reference.
Long Term Lease With Option To Buy In North Carolina
Category:
State:
Multi-State
Control #:
US-00448
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
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.
In North Carolina, there are legal requirements that must be met to ensure the validity of a lease agreement: The agreement must be in writing. The security deposit must not exceed two months' rent. The landlord must provide a 30-day notice before increasing the rent.
Landlords cannot force tenants out of their homes without going to court, for instance, by changing the locks, turning off utilities or removing the doors. Landlords may send tenants “eviction notices” warning tenants that they plan to file for eviction unless the tenant moves out first.
A lease usually runs anywhere between six months and one year. If you're interested in renewing it, you must send the tenant a lease renewal notice at least 90 days before the lease ends.
A lease usually runs anywhere between six months and one year. If you're interested in renewing it, you must send the tenant a lease renewal notice at least 90 days before the lease ends.
The person granting or selling the option is known as the "optionor". Here's a breakdown: Optionor: The current property owner or the person/entity granting the option. Optionee: The person/entity receiving the right to buy or lease the property under the terms of the option.
North Carolina General Statutes 47G-1 through 47G-7 govern the rent-to-own, or “option contract” law. There are minimum contract requirements that must be present before the rent-to-own lease agreement is considered valid.