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.
A South Carolina Lease or Rental Agreement of Personal Property with Option to Purchase and Own — Lease or Rent to Own is a legally binding contract that allows individuals in South Carolina to lease or rent personal property while also having the option to purchase and own it in the future. This type of agreement caters to individuals who may not have enough funds upfront to purchase the desired personal property but still want to eventually own it. Here is a detailed overview of this type of lease or rental agreement, along with different variations commonly found in South Carolina: 1. Standard South Carolina Lease or Rental Agreement with Option to Purchase and Own Personal Property: This type of agreement outlines the terms and conditions when leasing or renting personal property with the option to buy and own it. It includes essential details such as the parties involved, the description of the property, the rental period, the monthly rental amount, the amount of option consideration (a fee paid for the right to purchase), and the purchase price if the option to buy is exercised. 2. Residential Lease or Rental Agreement with Option to Purchase and Own Personal Property: This variation specifically applies to agreements involving residential rental properties. It covers personal property commonly found in residential settings, such as furniture, appliances, electronics, or even a complete home. The agreement includes terms related to the use of the property, maintenance responsibilities, restrictions, and the specific process for exercising the purchase option. 3. Commercial Lease or Rental Agreement with Option to Purchase and Own Personal Property: This type of agreement focuses on leasing or renting personal property for commercial purposes, such as office equipment, machinery, vehicles, or even entire business premises. It outlines specific commercial considerations such as permitted uses, insurance requirements, indemnity clauses, and provisions for early termination or renewal. 4. Vehicle Lease or Rental Agreement with Option to Purchase and Own Personal Property: This particular agreement relates to leasing or renting vehicles, such as cars, trucks, or motorcycles, with the option to eventually own them. It addresses vehicle-related aspects, including maintenance responsibilities, mileage limitations, insurance requirements, and provisions for wear and tear. 5. Furniture Lease or Rental Agreement with Option to Purchase and Own Personal Property: This variation centers around leasing or renting furniture items (e.g., sofas, tables, beds) with the option to purchase and own them. It typically includes details regarding the condition of the furniture, any maintenance responsibilities, provisions for replacement or repairs, and the process for exercising the purchase option. Each of these South Carolina Lease or Rental Agreement variations follows the general structure of a lease or rental agreement while incorporating specific clauses related to the type of personal property being leased or rented. It is essential for both parties to thoroughly review and understand the agreement terms before signing. Consulting a legal professional is recommended to ensure compliance with South Carolina laws and protection of individual rights and interests.
