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A Lease Option is a type of contract used in both residential and commercial real estate. In a lease-option, a property owner and tenant agree that, at the end of a specified rental/lease period for a given property, the renter has the option of purchasing the property at a designated price.
Lease Options work from both the buyer's and the seller's standpoint. These types of deals are more than any other good for both parties involved. As a seller Lease Options can open the door to a higher rental rate, option consideration monies up-front, and a sales price with fixed appreciation. In addition, you are able to create all the terms that work for you and your current situation.
From the buyer's perspective it is still an awesome opportunity. The buyer is able to get into a house that they are in the process of buying. This being said they are able to make it home. They have an allotted amount of time to repair their credit and purchase the home based on a price that was set years ahead of time, which commonly leads to a bargain deal.