The following lease agreement form is meant to be used by one individual dealing with another individual or a commercial transaction between non-consumers. It therefore does not contain disclosures required by the Federal Consumer Leasing Act.
The Federal Consumer Leasing Act, which is part of the Truth in Lending Act, applies to any lease of consumer goods for more than four months in which the total contractual obligation does not exceed $25,000. (It does not apply to leases of real estate.) This law requires the lessor (the owner of the auto you lease, for example) to disclose information before you sign the lease. Among the most important items are
" the capitalized cost -- that is, the cost of the goods being leased (the capitalized cost is negotiable to the same extent that the price of goods is negotiable if you were buying them instead of leasing them);
" the total amount of any initial payment you are required to pay;
" the number and amounts of monthly payments;
" the total amount for fees, such as license fees and taxes;
" any penalty for default or late payments;
" the annual mileage allowance and the extra charges involved if you exceed that allowance;
" whether you can end the lease early, and the method of computing the charge if you do so;
" whether you can purchase the auto at the end of the lease and for what price;
" any liability that you may have for the difference between the estimated value of the auto and its market value at the time you end the lease; and
" any extra payment that you must make at the end of the lease.
North Carolina Lease or Rental Agreement of Personal Property with Option to Purchase and Own Personal Property — Lease or Rent to Own A North Carolina Lease or Rental Agreement of Personal Property with an Option to Purchase and Own Personal Property is a legally binding contract that allows individuals to rent or lease personal property while also providing them with the opportunity to buy and own the property at the end of the lease term. This option is commonly known as a "rent to own" agreement. There are several types of North Carolina Lease or Rental Agreements of Personal Property with an Option to Purchase and Own Personal Property that cater to different needs and preferences: 1. Residential Rent to Own Agreement: This type of agreement is commonly used for residential properties such as houses, apartments, or condominiums. It allows tenants to live in the property as renters while giving them the possibility to buy it at a later date. 2. Commercial Rent to Own Agreement: If you are looking to start or expand your business in North Carolina, a Commercial Rent to Own Agreement might be the right choice. This agreement enables individuals or companies to lease business-related personal property (e.g., office spaces, retail shops, industrial equipment) with an option to purchase and own the property in the future. 3. Vehicle Lease or Rent to Own Agreement: For individuals in need of transportation but unable to afford an immediate purchase, a Vehicle Lease or Rent to Own Agreement provides a flexible solution. This type of agreement allows individuals to lease vehicles like cars, trucks, motorcycles, or RVs and provides an option to purchase and own the vehicle at the end of the lease term. 4. Electronics Lease or Rent to Own Agreement: In a technology-driven world, Electronics Lease or Rent to Own Agreements are gaining popularity. Individuals can lease electronic devices such as computers, laptops, smartphones, or home appliances and have the possibility to buy and own them upon completion of the lease agreement. In all these types of agreements, the terms and conditions are negotiated between the lessor (property owner or leasing company) and the lessee (tenant or renter). A North Carolina Lease or Rental Agreement of Personal Property with an Option to Purchase and Own Personal Property should include essential details such as the property description, lease term, rental payments, option exercise period, purchase price, maintenance responsibilities, and any additional provisions agreed upon by both parties. Before entering into any lease or rent-to-own agreement, it is essential for both parties to carefully review and understand the terms of the contract. Seeking legal advice or consulting a real estate professional experienced in North Carolina property transactions can ensure a smooth and legally compliant process.
