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A Lease To Own Agreement, also known as a Lease Purchase Agreement is when the buyer pays the seller option money for the right to purchase the property later. The buyer and seller agree on a purchase price, often at or a bit higher than current market value. During the term of the option, the buyer agrees to lease the property from the seller for a predetermined rental amount.
Sources: https://www.thebalance.com/lease-options-and-lease-purchase-sales-1798417
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