The relationship of landlord/tenant or lessor/lessee is created by contract. The person who owns the real property is known as the lessor or landlord. The lessee, or tenant, is the one who occupies the property.
Tenancies are classified by duration as tenancies for years, from year to year, month to month, and at will. A tenancy for years is one under which the tenant has an estate of definite duration. The term "for years" is used to describe such a tenancy even though the duration of the tenancy is for only one year or for less than a year. A tenancy from year to year or month to month is one under which a tenant, holding an estate in land for an indefinite duration, pays an annual, monthly, or weekly rent.
A South Carolina Lease of Unfurnished House with Option to Purchase, also known as a Lease or Rent to Own agreement, is a legal document that outlines the terms and conditions of leasing a house with the option to buy it in the future. This type of agreement provides potential homebuyers with the opportunity to rent a property for a predetermined period, while also having the option to purchase the property at an agreed-upon price. Keywords: South Carolina, lease, unfurnished house, option to purchase, rent to own, agreement, homebuyers, predetermined period, purchase price. There are several types of South Carolina Lease of Unfurnished House with Option to Purchase — Lease or Rent to Own agreements, including: 1. Traditional Rent to Own Agreement: This type of agreement allows the tenant to rent the property for a specified period, typically one to three years, with an option to buy the house at the end of the lease term. The purchase price is predetermined, providing the tenant with the opportunity to secure the property at a later date. 2. Lease Purchase Agreement: In this type of agreement, the tenant signs a lease for a certain period, usually one to five years, with the obligation to purchase the property at the end of the lease term. Unlike the traditional rent to own agreement, the tenant is contractually obligated to buy the house, eliminating the option to walk away without purchasing. 3. Lease Option Agreement: This agreement grants the tenant the option to buy the property but does not impose an obligation to purchase. The tenant pays a non-refundable option fee to secure the right to purchase the property within a predetermined timeframe. If the tenant decides not to exercise the option, they forfeit the option fee. 4. Lease with Purchase and Sale Agreement: This arrangement combines elements of a lease and a purchase and sale agreement. The tenant signs a lease agreement and a separate purchase and sale agreement, which specifies the price and terms of the future purchase. The tenant has the option to buy the property at any time during the lease term, as agreed upon in the purchase and sale agreement. Overall, a South Carolina Lease of Unfurnished House with Option to Purchase — Lease or Rent to Own provides flexibility for potential homebuyers who may not be able to secure a mortgage or are unsure about committing to immediate homeownership. It offers a unique opportunity to rent a property while having the option to buy it, allowing tenants to become homeowners in the future.
