Lease Purchase
A lease where the tenant must purchase the property within a year or two of signing the contract. The tenant is required to buy the property, unlike a lease-option.
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The following dictionary definition list is provided for clarification only. Note that many definitions are not directly applicable to mortgages, loans or other financial terminology in this glossary. Used with permission: WordNet 2.1 Copyright 2005 by Princeton University. All rights reserved.
Lease
Noun: lease, rental, letting (property that is leased or rented out or let)
Noun: lease (a contract granting use or occupation of property during a specified time for a specified payment)
Noun: lease, term of a contract (the period of time during which a contract conveying property to a person is in effect)
Verb: rent, lease (let for money) "We rented our apartment to friends while we were abroad"
Verb: rent, hire, charter, lease (hold under a lease or rental agreement; of goods and services)
Verb: lease, let, rent (grant use or occupation of under a term of contract) "I am leasing my country estate to some foreigners"
Verb: lease, rent, hire, charter, engage, take (engage for service under a term of contract) "We took an apartment on a quiet street"; "Let's rent a car"; "Shall we take a guide in Rome?"
purchase
Noun: purchase (the acquisition of something for payment) "they closed the purchase with a handshake"
Noun: purchase (something acquired by purchase)
Noun: purchase (a means of exerting influence or gaining advantage) "he could get no purchase on the situation"
Noun: leverage, purchase (the mechanical advantage gained by being in a position to use a lever)
Verb: buy, purchase (obtain by purchase; acquire by means of a financial transaction) "The family purchased a new car"; "The conglomerate acquired a new company"; "She buys for the big department store"
- Lease Purchase -
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