Fayetteville North Carolina Option to Purchase Addendum to Residential Lease - Lease or Rent to Own

State:
North Carolina
City:
Fayetteville
Control #:
NC-00547
Format:
Word; 
Rich Text
Instant download

Description

This Option to Purchase Addendum to Residential and Lease Agreement is entered into by and between the lessor and the lessee. The lessor agrees not to offer the residence for sale to anyone during the term of the lease, and to give the lessee (tenant) the option to purchase the residence at any time prior to the expiration of the lease, provided the lessee gives notice of intent to purchase in accordance with the provisions of the Addendum. At that point, a separate contract of sale will be executed and the sale will proceed as any sale would.


Please note: This Addendum form is NOT a lease agreement. You will need a separate Residential Lease Agreement. The Addendum would be attached to that Agreement


How to fill out Fayetteville North Carolina Option To Purchase Addendum To Residential Lease - Lease Or Rent To Own?

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FAQ

The Consumer Protection Act (CPA) does NOT apply to all lease agreements (or rental agreements). This is really important to know because the Consumer Protection Act has a big influence on the lease and changes the legal position between the landlord and tenant significantly.

The rights of North Carolina tenants include the right to fair housing, security deposit protections, freedom from landlord retaliation and rights for victims of domestic violence.

The Rent to Own transaction is governed by North Carolina General Statute. No real estate broker can construct, draft or otherwise offer an Option form or any other contract requiring the drafting of provisions. This is a protection for both a Buyer and Seller.

An Addendum is a legal document which sets out an additional legal agreement between a landlord and tenant to be read in conjuction with the main Tenancy Agreement.

North Carolina General Statute Chapter 47G governs Option to Purchase Contracts executed with Lease Agreements. The leases that are covered under the statute are residential lease agreements that are combined or executed with an option contract.

toown or lease option agreement is a contract that states a lessee will agree to rent a home for a set period of time. Then, after living there as a renter and paying rent to the owner of the home, the occupant has an option to purchase the home when or before the lease expires.

The tenant will pay monthly rent to the landlord, with a portion of the payment typically credited towards the purchase price at closing. In addition to the monthly rent, the landlord will demand an option fee, which is a down payment that secures the tenant's right to eventually buy the property.

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Fayetteville North Carolina Option to Purchase Addendum to Residential Lease - Lease or Rent to Own