Lease Purchase Agreements
A lease purchase agreement is a contract that allows a person to rent a property with the option to buy it later. During the rental period, a portion of the rent is often credited toward the purchase price. This arrangement enables potential buyers to test the property and save for a down payment while securing the right to buy it at a future date. It combines elements of leasing and buying, making it an attractive option for those who want to own a home but may not be ready to purchase outright immediately.
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A lease-purchase agreement is a contractual arrangement that combines leasing and buying a property or item. Essentially, you rent an asset for a specified period with the option to purchase it at the end of the lease. Part of the rental payments may go toward the purchase price. This agreement is often used for homes or expensive equipment, allowing you to experience the asset before fully committing to buy it. It provides flexibility and can be a practical pathway to ownership, but it's important to understand the terms and any additional costs involved.