North Carolina Lease to Own Agreement
The North Carolina Lease-to-Own Agreement is a contract that allows tenants to rent a property with an option to buy it in the future. This document allows tenants to rent a condominium or house initially, with the option to buy it at a specified time outlined in the contract, typically around three years.
This arrangement offers a convenient way to merge renting and purchasing while also creating homeownership opportunities for individuals who might otherwise struggle to buy a home. The leasing period can be used to improve a tenant’s credit score or accumulate the necessary funds for a down payment, making the transition to homeownership more achievable.