North Carolina Lease to Own Agreement

The North Carolina Lease to Own Agreement (also called a “Rent to Own”) is a rental contract that provides tenants that are looking for a place to live, who also have plans of home ownership in the near future, a method for first renting a condominium or home, and then purchasing it at a specified time as stated in the contract (the average is three (3) years out). In addition to being a convenient option for combining renting and purchasing, the agreement also provides as a means for those to own a home that in other circumstances, would be unable to. This is because the renting term can be used to aid in the restoration of a tenants credit score or provide as the time to build up the money required for a down payment.