A legal agreement that gives a tenant the option to purchase the property they are renting at a later date, typically at a predetermined price. The tenant typically pays an option fee and a higher rent, in exchange for the right to purchase the property in the future. This can be a useful option for tenants who want to purchase a property but may not be in a financial position to do so at the current time.
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What does lease option mean?
Related terms
Investment Related Savings
Forfeiture
Historic Structure
Right of First offer
Net Operating Income (NOI)
Executor
Building Code
Curable Defect
Home Equity Loan
Term Length
Real estate agent
Commission agreement
Modification
Gross Lease
Earthquake Insurance
Rammed-Earth Construction
Fully Amortized Adjustable-Rate Mortgage ARM
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