Updated on December 18th, 2020
The South Carolina lease to own agreement is a legal form that can be executed for the purpose of renting a property while at the same time having the exclusive rights to acquire the home for a set price. This option is often taken advantage of by those who would like to secure a desired residence for sale but are not exactly prepared to purchase at that time. Keep in mind, this usually requires some type of deposit on the lessee’s part in order to procure this kind of contract. The parties should stipulate the total amount of the monthly payments, length of time the option to buy/occupy will remain, and the price in which the property can be purchased for.
Consumer Rental-Purchase Laws – § 37-2-701