A lease purchase form is document whereby the lessor or seller agrees that in exchange for a non-refundable deposit, the lessee or buyer has the option of buying the property at the end of the lease period. Usually, a part of or the whole of the deposit and payments made under the lease are applied to the purchase price, in case the lessee or the buyer decide to exercise the option of purchasing the property at the end of the lease term.
A lease purchase agreement is mainly used by people who do not have very good credit to get loans or no money for a regular downpayment in order to purchase a house.
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Sample Lease Purchase Form
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