South Carolina Lease to Own Agreement
A South Carolina rent-to-own contract is an agreement between a tenant and a landlord. The contract allows a tenant to rent the property until they are given a window of time to purchase the property (at a pre-determined price) when nearing the end of the lease. These contracts will typically contain the following several key components:
- Terms of the agreement, including the length of the lease, the rent amount, and the purchase price.
- List of tenant and landlord responsibilities.
- Security deposit and late fee information.
- Terms of payment, including payment methods and due dates.
- Repairs and maintenance clauses, including who is responsible for the upkeep of the property and how damages will be handled.
- Dispute resolution clause that explains how conflicts will be handled.
- Termination clause which outlines the conditions under which either party can end the contract.