lease option
A provision in a lease (for real property, such as a house) or contract (for personal property, such as a car) that gives the tenant or lessee the right to buy the real or personal property at the end of the lease or contract period, for a price established in advance.
Category: Business, LLCs & Corporations
Category: Real Estate & Rental Property → Buying a House
Category: Real Estate & Rental Property → Renters' & Tenants' Rights
Category: Real Estate & Rental Property → Selling a House

Nolo’s Plain-English Law Dictionary. . 2009.

Look at other dictionaries:

  • Lease-option — A lease option (or lease purchase) is the abbreviated form of the appropriate term lease with option to purchase. It is a type of contract used in residential real estate. The contract is typically between two parties: the tenant (also called the …   Wikipedia

  • Lease Option — An agreement that gives a renter the choice to purchase a property during or at the end of the rental period. As long as the lease option period is in effect, the landlord/seller may not offer the property for sale to anyone else. When the term… …   Investment dictionary

  • Land Lease Option — An option within a lease contract that grants the lessee the right to extend the period of the lease beyond the original length of time. Usually, the lessee is required to pay a premium for the option, such as a small amount of money in each year …   Investment dictionary

  • option — op·tion 1 / äp shən/ n 1: the power or right to choose; also: a choice made or available 2: a privilege of demanding fulfillment of a contract on any day within a specified time 3: a contract conveying in exchange for the payment of a premium a… …   Law dictionary

  • lease — 1 / lēs/ n [Anglo French les, from lesser to grant by lease, from Old French laisser to let go, from Latin laxare to loosen, from laxus slack] 1 a: a contract by which an owner of property conveys exclusive possession, control, use, or enjoyment… …   Law dictionary

  • Lease purchase contract — A lease purchase contract (or lease option contract) is the abbreviated form of the appropriate term lease with option to purchase contract. It is a form of real estate purchase which combines elements of a traditional rental agreement with an… …   Wikipedia

  • option — [äp′shən] n. [Fr < L optio < optare, to wish, desire, ult. < IE * op , to choose, prefer] 1. the act of choosing; choice 2. the power, right, or liberty of choosing 3. a) something that is or can be chosen; choice b) an optional item… …   English World dictionary

  • option to buy — At the end of a finance lease or similar asset finance arrangement the lessee may be able to exercise an option to purchase the equipment at a nominal value Easyform Glossary of Law Terms. UK law terms …   Law dictionary

  • option — an agreement, often for a consideration, which permits the purchase or sale of something within a stipulated time, in accordance with the terms of the agreement. For example, a right by a tenant to take up a further lease of premises, usually… …   Financial and business terms

  • Lease To Own — An arrangement where an individual enters into a lease agreement with an owner with the inclusion of a clause that typically gives the individual the right, but not the obligation, to purchase the item leased at a predefined price and time. More… …   Investment dictionary

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