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LSDefine

Simple English definitions for legal terms

lease option

Read a random definition: market correction

A quick definition of lease option:

A lease option is a type of contract for property that allows the person renting the property to have the option to buy it at the end of the lease period. This is different from a lease purchase contract, which requires the person renting to buy the property. With a lease option, the seller is required to sell the property, but the buyer has the choice to buy it. This can be helpful for buyers who don't have enough money for a down payment, and sellers can benefit from the higher price of the property.

A more thorough explanation:

A lease option is a type of contract that allows a person to lease a property, such as a house or car, with the option to buy it at the end of the lease period. This means that the lessee has the choice to purchase the property, but is not obligated to do so.

For example, let's say John wants to buy a house but doesn't have enough money for a down payment. He finds a house he likes and enters into a lease option agreement with the owner. John pays rent for a set period of time, and at the end of the lease, he has the option to buy the house at a predetermined price. If John decides not to buy the house, he can simply walk away.

Lease options can be beneficial for both the buyer and the seller. Buyers who may not have enough money for a down payment can still have the opportunity to purchase a property. Sellers can benefit from lease options by potentially getting a higher price for their property.

lease | leasehold

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Yeah, it’s tough. I’m distracting myself by playing good video games after work :)
im distracting myself by schizo-scrolling r/lawschoolamissions and every conceivable data point on this godforsaken website
it is not working
Haaa I naturally want to do that too. I’m trying to stop. They need a surgeon general’s warning on this site for perspective law students
i spend more time on here then anything else trying to rationalize that the waves from last year will match waves for this year (they won't) and that the stats of people with the same stats are indicative of my own (they aren't)
There aren't many people in my stat range so I pretty much know every result in my range after being on here for a few years
9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
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