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Lease purchase agreements are lease agreements that allow the tenant the option to purchase the property, usually a single-family home, at some point during the tenancy. This arrangement provides the landlords and tenants financial and other benefits.
Like a traditional lease, a lease purchase agreement outlines the terms of the lease along with the terms of the potential purchase option extended to the tenant. Information such as the monthly rent payments and whether a portion of those payments are credited towards the purchase price may often be included in lease purchase agreements.