Lease Purchase Agreement
The Lease Purchase Agreement is an agreement between a tenant and a landlord for a tenant to occupy a rental premises with an option to purchase the premises at the end of the term of the lease. A rental property with an option to lease is useful for the tenant who wishes to purchase the property in the future but does not have the money immediately available to them. The Lease Purchase Agreement is used by landlords who want to give a preferred renter a chance to buy property at a set price, and by tenants who want the option to purchase the property they are leasing now.
SOURCE: Lease Purchase Agreement