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A Lease-Purchase Contract, also known as a lease purchase agreement or rent-to-own agreement, allows consumers to obtain durable goods [1] or rent-to-own real estate [2] without entering into a standard credit contract. [1] It is a shortened name for a lease with option to purchase contract.
Lease purchase agreement (click to view pages) Rent-to-own, also known as rental purchase or rent-to-buy, is a type of legally documented transaction under which tangible property, such as furniture, consumer electronics, motor vehicles, home appliances, engagement rings, and real property, is leased in exchange for a weekly or monthly payment, with the option to purchase at some point during ...
Printable version; Page information; Get shortened URL; ... It is a shortened name for Lease with Option to Purchase Contract. Date: 22 October 2014, 16:08:53: Source:
[2] When: the term of the rental may be for a night (e.g., a hotel room), weeks, months, or years. There may be statutory provisions requiring registration of any rental that could extend for more than a specified number of years (e.g., seven) in order to be enforceable against a new landlord.
The option gives the tenant the right (but not the obligation) to purchase the property at a later date. The lease option only binds the seller to sell, it does not bind the buyer to buy. That makes it a "unilateral" or one-way agreement. In contrast, a lease-purchase is a bilateral, or two-way, agreement. The basic elements of a lease-option ...
If you're planning to move into a new apartment, chances are you might be considering whether to sign a short- or long-term lease. Take a Look Back: 2022 Year in ReviewRead: 5 Things You Must Do ...