Condominium Lease Agreement with Option to Purchase and Rent Payments to Apply to Purchase Price - Rent to Own - Condo Rental - North Carolina: Fill out & sign online

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Does a lease have to be in writing in North Carolina?

As a first concern, all leases should be in writing, even if the law does not require it. North Carolinas Statute of Frauds only requires that leases exceeding three years from the making need be in writing.

How do you invest in a lease option?

The most common way real estate investors use a lease option is by being the lessor, or owner, of the property. The investor finds a tenant-buyer and signs an agreement with them, giving them the right to buy the property in a specified time period for a defined price.

Is a lease option a good idea?

Lease options tend to produce good cash flow if you do your due diligence and get the right properties. The option fee plus your monthly rent (less paying the sellers mortgage) can be substantial over a year or more.

What is the downside to lease to own?

A major disadvantage of renting to own is that renters lose their down payment and other non-refundable charges if they decide not to purchase the home. Some sellers may even take advantage of renters by making it difficult or unappealing to purchase the home with the goal of keeping the down payment.

Are lease option agreements legal?

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.

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