A North Carolina rent-to-own agreement is a legal document that offers tenants the chance to eventually own the property they’re renting. It outlines traditional lease terms, including monthly rent payments, tenant obligations, landlord responsibilities, and the security deposit.
It also includes conditions relating to the right (but not the obligation) to buy the property once the lease is over. For example, a landlord specifies the guaranteed purchase price, the consideration for the tenant to lock in their right, and the buying period.
It’s imperative to thoroughly vet prospective tenants using a rental application before this stage to ensure they are suitable prior to finalizing any rental agreements. Once all terms are negotiated, a residential purchase agreement is required to legally complete the property sale.
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