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English: Combines elements of a traditional rental agreement with an exclusive right of first refusal option for later purchase on the home. It is a shortened name for Lease with Option to Purchase Contract.
A Lease-Purchase Contract, also known as a lease purchase agreement or rent-to-own agreement, allows consumers to obtain durable goods [1] or rent-to-own real estate [2] without entering into a standard credit contract. [1] It is a shortened name for a lease with option to purchase contract.
In order to rent or lease in many apartment buildings, a renter (also referred to as a “lessee") is often required to provide proof of renters insurance before signing the rental agreement. There is a special type of the homeowners insurance in the United States specifically for renters — HO-4.
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The original lease and release was devised by Sergeant Moore for the benefit of Lord Norris, "to avoid the unpleasant notoriety of a livery or attornment." [ 5 ] In 1841, the Conveyance by Release without Lease Act was passed, which made a "statutory release" sufficient in England for conveying freehold land without the need for an earlier ...
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