Real Estate Terms Glossary
What is a Lease-Purchase Option?
We can define a lease-purchase option as an agreement that offers renters a choice to buy the rented property either during or at the end of the lease. In most cases, these agreements have two parts: a regular lease agreement as well as an option to buy. With the option to buy route, buyers pay the seller funds for the exclusive legal right to buy the property or home within a specified period.
So, these agreements also preclude the property owner from offering the property or home for sale to anybody else.
Examples of Lease-Purchase Option
- Example 1: Rent-to-own agreement
Here’s Wikipedia’s definition of a Lease-Purchase Option .
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David A.
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