lease option

Definition of "lease option"
  1. An agreed feature in a lease or contract allowing a tenant to purchase the rented property, be it real estate or personal property, at the end of the rental period at a predetermined price
How to use "lease option" in a sentence
  1. The young couple took the residence on a lease option, with plans to eventually buy the house.
  2. She used a lease option agreement to slowly work towards owning the car she was driving.
  3. Using a lease option, he was able to secure business equipment without a significant upfront expense.

Provide Feedback
Browse Our Legal Dictionary
# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z