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General definition. A "lease purchase (or lease option)" is the abbreviated form of the appropriate term "lease with option to purchase." Simply stated, a Lease 2 Purchase contract combines a basic lease contract with an option to purchase contract, which creates a Lease 2 Purchase contract.
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When tenants with no lease are occupying the house. you can fulfill your duties and then get ready to move into your new home. When you discover tenants occupy the house you want to buy, you could.
Lease option sales first became popular financing instruments in the late 1970s and the early 1980s. They were used primarily used as a way to circumvent alienation clauses in mortgages, but they have some other advantages as well. Proponents claimed the sale was not a sale because it was a lease, but courts have argued otherwise.