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Charlotte North Carolina Option to Purchase Addendum to Residential Lease - Lease or Rent to Own

Category:
Landlord Tenant - Residential Leases - Purchase Options
State:
North Carolina
City:
Charlotte
Control #:
NC-00547
Format:
Word; 
Rich Text
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Description

This Option to Purchase Addendum to Residential and Lease Agreement is entered into by and between the lessor and the lessee. The lessor agrees not to offer the residence for sale to anyone during the term of the lease, and to give the lessee (tenant) the option to purchase the residence at any time prior to the expiration of the lease, provided the lessee gives notice of intent to purchase in accordance with the provisions of the Addendum. At that point, a separate contract of sale will be executed and the sale will proceed as any sale would.


Please note: This Addendum form is NOT a lease agreement. You will need a separate Residential Lease Agreement. The Addendum would be attached to that Agreement


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How to fill out North Carolina Option To Purchase Addendum To Residential Lease - Lease Or Rent To Own?

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FAQ

toown or lease option agreement is a contract that states a lessee will agree to rent a home for a set period of time. Then, after living there as a renter and paying rent to the owner of the home, the occupant has an option to purchase the home when or before the lease expires.

Assignable purchase option contracts are a specific type of real estate option agreement. The assignable purchase option transfers and grants assignments to another party. This process is known as the contract assignment, and they're used when one party wants to directly transfer real estate assets to the assignee.

In the state of North Carolina, the lease statute allows a property owner to include an automatic renewal clause in the lease. If neither the landlord nor renter issues a notice to terminate a lease, it can be converted into a month-to-month arrangement under North Carolina provisions.

The Rent to Own transaction is governed by North Carolina General Statute. No real estate broker can construct, draft or otherwise offer an Option form or any other contract requiring the drafting of provisions. This is a protection for both a Buyer and Seller.

North Carolina General Statute Chapter 47G governs Option to Purchase Contracts executed with Lease Agreements. The leases that are covered under the statute are residential lease agreements that are combined or executed with an option contract.

The tenant will pay monthly rent to the landlord, with a portion of the payment typically credited towards the purchase price at closing. In addition to the monthly rent, the landlord will demand an option fee, which is a down payment that secures the tenant's right to eventually buy the property.

The rights of North Carolina tenants include the right to fair housing, security deposit protections, freedom from landlord retaliation and rights for victims of domestic violence.

The tenant will pay monthly rent to the landlord, with a portion of the payment typically credited towards the purchase price at closing. In addition to the monthly rent, the landlord will demand an option fee, which is a down payment that secures the tenant's right to eventually buy the property.

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.

What Is An Option To Purchase? An option to purchase agreement gives a home buyer the exclusive right to purchase a property within a specified time period and for a fixed or sometimes variable price. This, in turn, prevents sellers from providing other parties with offers or selling to them within this time period.

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