Lease Purchase – A contract between a tenant and an owner by which part of the monthly rent payments may go toward down payment on the property. When pre-determined sufficient funds are received by the seller, the buyer may seek a first mortgage through a typical lender or in some cases with the seller.
Word-Of-The-Day: Lease Purchase
Trackback from your site.
Leave a Reply
About our blog
Our agents write often to give you the latest insights on owning a home or property in the local area.