Lease With Option To Purchase
A lease under which the lessee has the right to purchase the property.
A Lease Purchase Agreement is usually two separate agreements between the parties: a Lease Agreement and a Purchase Agreement. The Lease Purchase shows a definite tenant's intent to purchase the property, and sets the time when the sale of the property will occur.
Sometimes buyers with credit problems will benefit from this purchase method. The price and other terms are fixed in the purchase agreement. The seller cannot sell the house to anyone else as long as the Lease Purchase Agreement is in force.
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