The North Carolina rent-to-own lease agreement equips lessees with what is known as an “option to purchase”. This option can be taken advantage of throughout the course of the tenancy but does not obligate the lessee to follow through with the acquisition of the home. For this to be a possibility, the tenant will usually have to offer a financial sum (known as the “consideration”) in order to earn the right to buy the home. The participating parties will have to establish the following circumstances regarding the rental/sale:

• Term of the Option
• Consideration for the Option
• Purchase Price (should the lessee choose to buy)
• Monthly Lease Payments
• Utility Costs

General Statutes for Option to Purchase Contracts – § 47G