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A Lease with Option to Buy, also known as a lease-purchase or rent-to-own agreement, is a real estate arrangement that combines a lease (rental agreement) with an option for the tenant to purchase the property at a predetermined price within a specified time frame.
In a Lease with Option to Buy, you lease the property from the owner, typically for a fixed period, often 1-3 years. During this time, you have the option, but not the obligation, to purchase the property at an agreed-upon price. A portion of your rent may be credited toward the eventual purchase.
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