\lˈiːs pˈɜːt͡ʃɪs], \lˈiːs pˈɜːtʃɪs], \l_ˈiː_s p_ˈɜː_tʃ_ɪ_s]\
Definitions of LEASE PURCHASE
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Type of lease contract with a lease payment or rent is proportionally applied to a purchase price of the leased asset or property. Lease purchases are a type of hire-purchase. Generally considered to be capital leases for accounting purposes. The title to the item goes from the seller or owner to the buyer or tenant when fully paid.
By Henry Campbell Black
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