Real Estate Glossary

What is Lease Option?

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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