lease purchase
Buy through renting
A lease purchase is an arrangement in which someone rents property—typically a house or vehicle—with an agreement to buy it at the end of the lease period.
Part of each payment usually goes toward the eventual purchase price, making it a path to ownership for buyers who can't qualify for traditional financing right away.
They entered into a lease purchase on the house, planning to buy it outright in three years.
- installment planPeriodic payment arrangement
- contract lawRules governing binding agreements
- option to buyContract granting purchase right
- mortgageSecured home loan
- balloon paymentLarge final loan installment
fair market value · residual value · down payment · interest rates · title insurance · amortization · deed transfer · equity · tenant rights · landlord obligations · property appraisal · deferred payment · credit check · bad credit · monthly payments · consumer protection laws · closing costs · legal recourse
lease, purchase, leases, leased, leasing, leaseholder, leasehold, lessee, lessor