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A lease option (more formally Lease With the Option to Purchase) is a type of contract used in both residential and commercial real estate.In a lease-option, a property owner and tenant agree that, at the end of a specified rental period for a given property, the renter has the option of purchasing the property.
The narrower term 'tenancy' describes a lease in which the tangible property is land (including at any vertical section such as airspace, storey of building or mine).A premium is an amount paid by the tenant for the lease to be granted or to secure the former tenant's lease, often in order to secure a low rent, in long leases termed a ground rent.
A rent-to-own contract can be structured in one of two ways: as a lease option or as a lease purchase. A lease option gives you a choice to buy the house at the end of the lease term. A lease ...
A finance lease (also known as a capital lease or a sales lease) is a type of lease in which a finance company is typically the legal owner of the asset for the duration of the lease, while the lessee not only has operating control over the asset but also some share of the economic risks and returns from the change in the valuation of the underlying asset.
The lease purchase agreement expounds upon what responsibilities the tenant/buyer and landlord/seller undertake during the course of the lease. This contract should describe any option fee and how much of the monthly payment will be credited to the down-payment for the purchase of the home at the end of the lease. At the end of the lease-term ...
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 ...
A lease in which the renter benefits from an increase in value of the asset is known as a finance lease. A leasing agreement which is not a finance lease is known as an operating lease . In housing, when a tenant rents an apartment but only pays for their room and the common space is a lease-by-room arrangement.
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