what is a lease option?

What is a lease option?

When a renter signs a lease with an option to purchase a Memphis property for a specific price within a certain time frame, that is called a lease option. In most lease-option situations, a portion of the rent is applied to a future down payment.
Lease options are most popular among buyers who don't have enough funds for a down payment and closing costs.

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Last Updated ( Tuesday, 29 July 2008 )