A condominium is one of a group of housing units where each homeowner owns their individual unit space, and all the dwelling share ownership of areas of common use. The individual units normally share walls, but that isn't a requirement. The main difference in condos and regular single homes is that there is no individual ownership of a plot of land. All the land in the condominium project is owned in common by all the homeowners. Usually, the exterior maintenance is paid for out of homeowner dues collected and managed under strict rules. The exterior walls and roof are insured by the condominium association, while all interior walls and items are insured by the homeowner.
Wake North Carolina Condominium Lease Agreement with Option to Purchase and Rent Payments to Apply to Purchase Price - Rent to Own - Condo Rental
Category:
State:
North Carolina
County:
Wake
Control #:
NC-02300BG
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Word;
Rich Text
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FAQ
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.
North Carolina rental agreements are valid if they are written or verbal.
As a first concern, all leases should be in writing, even if the law does not require it. North Carolina's Statute of Frauds only requires that leases exceeding three years from the making need be in writing.
A North Carolina month-to-month rental agreement is a rental contract with no end date between the landlord and a tenant. The end date is determined by either the landlord or tenant by providing notice to terminate.
The first strategy of How to find Purchase Lease Options is very simple. You can go online or speak to local estate agents or letting agents. Look for properties that are For Sale and also For Rent.
The easiest way to do this is have the paperwork notarized and then recorded in your local public real estate records. If your paper work wasn't notarized, you can sign an affidavit called a ?memorandum of option? and have this filed with your local public real estate records.
A lease option is a legal agreement that allows a leaseholder to control a property and generate income from it, with the right but not necessarily the obligation, to buy it later.
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.
Rent-to-own may be a good option for those with low credit scores, because it gives you time to work toward improving your score before you need to apply for a mortgage. If you don't qualify for a mortgage right now, you can use a rent-to-own agreement to start working on buying a house sooner rather than later.
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.