A South Carolina rent-to-own agreement is a document that allows tenants to 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 chooses not to purchase the property, the owner retains all rent payments and other charges collected during the lease term unless otherwise specified in the contract.
Landlord-Tenant Laws: Title 27, Ch. 40 (Residential Landlord and Tenant Act).