Lease Options

A lease option is a rental agreement that gives a tenant the right to purchase the property they are renting at a predetermined price within a specified time frame. When entering a lease option, the tenant pays an upfront fee, known as an option fee, which can contribute toward the purchase price. This arrangement allows the tenant to live in the property while deciding if they want to buy it later, often providing time to save for a down payment or improve their credit score. If they choose not to buy, they can simply walk away at the end of the lease.