LEASE OPTION
\lˈiːs ˈɒpʃən], \lˈiːs ˈɒpʃən], \l_ˈiː_s ˈɒ_p_ʃ_ə_n]\
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A contract in which an owner leases her house (usually for one to five years) to a tenant for a specific monthly rent, and which gives the tenant the right to buy the house at the end of the lease period for a price established in advance. A lease option is often a good arrangement for a potential home buyer because it lets him move into a house he may buy without having to come up with a down payment or financing at that time.
By Oddity Software
