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How to rapidly redact Condominium Lease Agreement with Option to Purchase and Rent Payments to Apply to Purchase Price - Rent to Own - Condo Rental - North Carolina online

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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.
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.
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.
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.
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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A lease-option-to-buy arrangement can be a solution for some potential homebuyers, but its not right for everyone. If youre not certain that youre going to be able to purchase the rental home at the end of the lease period, you might be better served with a standard rental agreement.
In a lease option, the buyer pays the seller option money for the right to purchase the property later. A lease purchase is similar, but the buyer and seller agree on a purchase priceoften at, or a bit higher than, the current market value.
A lease-option-to-buy arrangement can be a solution for some potential homebuyers, but its not right for everyone. If youre not certain that youre going to be able to purchase the rental home at the end of the lease period, you might be better served with a standard rental agreement.
Lease Option to Purchase A contract in which a landlord/seller leases his or her property to a tenant/buyer for a specific monthly rent, and which gives the tenant the right (but not the obligation) to buy the property at or before the end of the lease period for a price established in advance.
Option Fee This is a fee payable for the granting of the Option. This generally represents a percentage of the purchase price, or a figure that has already been agreed between the parties. Generally, if the Option is exercised and the property purchased, then the Option Fee is credited towards the purchase price.

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