A South Carolina rent-to-own agreement is a document that lets tenants lease a property with the option to buy it at a specific time. To exercise this option, tenants typically pay an upfront fee or an additional monthly payment, known as a rent premium. These payments are deducted from the property’s total sales price.
If the tenant decides not to buy the residence, the owner retains all rent payments and other charges collected during the lease term unless otherwise specified in the contract. However, if they want to purchase it, the tenant and property owner must complete a residential purchase agreement.
Before any of this can occur, the landlord must find a suitable tenant. They can have potential candidates fill out a rental application to ensure the chosen tenant is able to meet their obligations.
Landlord-Tenant Laws: Title 27, Ch. 40 (Residential Landlord and Tenant Act).
Purchase Agreement Laws: Title 27, Ch. 7 (Form and Execution of Conveyances), Title 27, Ch. 50 (The Residential Property Condition Disclosure Act).
