Loanfactz Dictionary, Glossary of Legal Terms, Loan Terms, Definitions

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Loanfactz Definitions

Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.

All of L

Lease Purchase

An option for low to moderate-income home buyers in purchasing a home by allowing them to * lease a home with an option to buy. The rent payment is made up of the monthly rental payment plus an additional amount that is credited to an account for use as a down payment.

Glossary For This Page
(In Alphabetical Order)

* Lease
A contract agreement between the lessee (you) and the lessor (the leasing company) for temporary use of a vehicle, property, an apartment, machinery, or personal property, etc., for an agreed period of time and for a specified payment.

In the case of a vehicle, the lessee (you) pays to the leasing company monthly payments without actually buying the vehicle. The company leasing the vehicle continues to own the vehicle. The vehicle is returned to the leasing company when the lease expires unless the lessee (you) decides to buy the vehicle, if the contract allows for that option.

In the case of a rental agreement between a property owner and a tenant, the tenant (you) signs a contract for use of the property for an agreed period of time and a specified payment of rent. Example: The tenant (you) signs a contract to lease an apartment from a landlord (owner of the apartment) for 12 months at 850 dollars a month.

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