lease with option to purchase

lease with option to purchase
A lease under which the lessee has the right to purchase the property. The price and terms of the purchase must be set forth for the option to be valid. The option may run for the length of the lease period

Black's law dictionary. . 1990.

Look at other dictionaries:

  • lease with option to purchase — A lease under which the lessee has the right to purchase the property. The price and terms of the purchase must be set forth for the option to be valid. The option may run for the length of the lease period …   Black's law dictionary

  • lease with option to purchase — A lease in the ordinary form with the usual provisions, and in addition thereto, providing that in consideration of the payment of a specified sum and the stipulated rent and a full compliance with all the terms of the lease, the lessee is to… …   Ballentine's law dictionary

  • option to purchase — A contract by which the owner of property agrees with another person that the latter shall have a right to buy the property at a fixed price within a certain time. 17 Am J2d Contr § 32; 46 Am J1st Sales § 56. The familiar provision in a lease,… …   Ballentine's law dictionary

  • Lease-option — A lease option (or lease purchase) is the abbreviated form of the appropriate term lease with option to purchase. It is a type of contract used in residential real estate. The contract is typically between two parties: the tenant (also called the …   Wikipedia

  • Lease purchase contract — A lease purchase contract (or lease option contract) is the abbreviated form of the appropriate term lease with option to purchase contract. It is a form of real estate purchase which combines elements of a traditional rental agreement with an… …   Wikipedia

  • option — op·tion 1 / äp shən/ n 1: the power or right to choose; also: a choice made or available 2: a privilege of demanding fulfillment of a contract on any day within a specified time 3: a contract conveying in exchange for the payment of a premium a… …   Law dictionary

  • option — an agreement, often for a consideration, which permits the purchase or sale of something within a stipulated time, in accordance with the terms of the agreement. For example, a right by a tenant to take up a further lease of premises, usually… …   Financial and business terms

  • option — Right of election to exercise a privilege. Contract made for consideration to keep an offer open for prescribed period. A right, which acts as a continuing offer, given for consideration, to purchase or lease property at an agreed upon price and… …   Black's law dictionary

  • lease-purchase — /lees perr cheuhs/, n. 1. the continuing use of property or goods under a lease for a stipulated period with option for the lessee to buy and with part of the rental charges credited toward the purchase price. adj. 2. of or pertaining to lease… …   Universalium

  • lease-purchase — /lees perr cheuhs/, n. 1. the continuing use of property or goods under a lease for a stipulated period with option for the lessee to buy and with part of the rental charges credited toward the purchase price. adj. 2. of or pertaining to lease… …   Useful english dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”