Fill Now
Updated on September 28th, 2021
A South Carolina rent-to-own agreement is a residential lease that includes an option for the tenant to purchase the property at a specific period during the tenancy agreement. It is customary for the tenant to pay either an upfront fee or an additional monthly payment (a rent premium) to acquire their purchase option. These charges are identified in the contract as “consideration” and generally serve as a reduction to the total sales price of the property. However, if the tenant decides not to buy, the owner will keep the tenant’s rent payments and all other charges collected throughout the lease term unless other terms have been agreed to by the parties and included in the contract.
Rental Laws – Title 27, Ch. 40 (Residential Landlord and Tenant Act)
Purchase Agreement Disclosures – Title 27, Ch. 50 (The Residential Property Condition Disclosure Act)
Purchase Agreement Laws – Title 27, Ch. 7 (Form and Execution of Conveyances)
Disclosures (3) |
|
1) Lead-Based Paint Disclosure This notice informs tenants of the presence of hazardous paint material on the premises (only required for properties constructed pre-1978).
|
|
No later than the lease commencement date, the tenant must receive a written statement identifying the property owner’s name and address, or the name and address of a representative of the owner who is permitted to receive communications from both the tenant and process servers.
|
|
3) Security Deposit Calculation Landlords who use varying standards to calculate the security deposits of multiple tenants must disclose such standards to each tenant if the property consists of more than four (4) adjoining units.
|
Adobe PDF
Microsoft Word
OpenDocument