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U.S. Facts
Of Law: |
Lease With Option to Buy
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A lease with option to buy contract (also
known as a lease-option or lease-purchase
contract) is a contract with the combination of
a lease agreement and an option to purchase
agreement where the tenant may elect to purchase
the property. The tenant normally will pay
rent and may pay a non-refundable option deposit
that will apply to the purchase price if the
tenant exercises the option to purchase the
property.
The lease with option to buy provides the
tenant with the exclusive right to purchase the
property according to the terms of the
agreement. If the tenant decides not to
exercise the option to purchase the option
deposit is forfeit and the lease terms of the
agreement apply.
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Lease
With Option
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