lease option agreements

A lease option agreement is a contract that allows a tenant to rent a property with the option to purchase it later. The tenant pays rent for a set period, during which they can decide to buy the property at a predetermined price. A portion of the rent may be credited toward the purchase price. This arrangement benefits tenants who want to buy a home but need time to save for a down payment or improve their credit. It also gives landlords a steady income while potentially selling their property in the future.