Challenges and Obstacles in North Carolina re Lease Purchase and Lease Options

January 13, 2017 — Leave a comment

North Carolina General Statutes Chapter 47G Option to Purchase Contracts Executed With Lease Agreements

Be sure to read these links!

  • N.C. Gen. Stat. § 47G-1.   Definitions
    The following definitions apply in this Chapter: (1) Covered lease agreement or lease agreement. – A residential lease agreement that is combined with, or…
  • N.C. Gen. Stat. § 47G-2.   Minimum contents of option contracts; recordation
    (a) Writing Required. – Every option contract, including any assignment of an option contract, shall be evidenced by a contract signed and acknowledged by…
  • N.C. Gen. Stat. § 47G-3.   Application of Landlord Tenant Law
    The provisions of Chapter 42 of the General Statutes apply to covered lease agreements. (2010-164, s. 3.)
  • N.C. Gen. Stat. § 47G-4.   Condition of forfeiture; right to cure
    A purchaser’s right to exercise an option to purchase property under an option contract cannot be forfeited unless a breach has occurred in one…
  • N.C. Gen. Stat. § 47G-5.   Notice of default and intent to forfeit
    (a) A notice of default and intent to forfeit shall specify the nature of the default, the amount of the default if the default…
  • N.C. Gen. Stat. § 47G-6.   Effect of seller’s default on loan secured by mortgage or lien on property
    If, at any time prior to the expiration of the time period in which the option purchaser has a right to exercise the option…
  • N.C. Gen. Stat. § 47G-7.   Remedies
    A violation of any provision of this Chapter constitutes an unfair trade practice under G.S. 75-1.1. An option purchaser may bring an action for…

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