A lease option, also referred to as a lease with the option to purchase, is a form of contract that is used in both commercial and residential property deals. A lease option is when a land or property owner and another form an agreement at the time the lease is signed that, at the end of a given period, the other will have the option of purchasing the land or the property. This agreement affords flexibility to both parties, allowing for the control of a property without the burden of ownership or the need for mortgage finance, and the owner the security of knowing that the other party is serious, committed and will look after the property with an “owner” mentality.
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