Lease Purchase Agreement

A Lease Purchase Agreement is a contract that combines leasing and buying a property. In this arrangement, a tenant rents a home for a set period with the option to buy it at the end of the lease. Part of the rent payments may contribute toward the purchase price. This gives renters the opportunity to live in the property while deciding if they want to eventually buy it, often making it easier to acquire financing later. It’s beneficial for both sellers and buyers, as it provides potential buyers time to prepare for ownership.