Real Estate Glossary



  Lease-purchase Option

Nonprofit organizations may use the lease-purchase option to purchase a home that they then rent to a consumer, or "leaseholder." The leaseholder has the option to buy the home after a designated period of time (usually three or five years). Part of each rent payment is put aside toward savings for the purpose of accumulating the down payment and closing costs.

 

[ Back To Real Estate Glossary ]


Home | Relocation | Mortgage Calculator | Mortgage Rates | Real Estate News | Schools | Local Phone Numbers | Weather Report | Newsletter | About Us

Real Estate Websites by iHOUSEweb, Inc. ®

Site Admin Menu