What is a Lease Purchase Agreement in real estate?

[Good-Person]

Lease purchase contract is a kind of contract that may involve the seller and the renter. The renter may pay some amount of money in a gradual manner and this may allow the renter to become the owner at some point. So, what are the advantages and disadvantages of such kind of contracts?

 

[Nomad]

When you are renting your property or when you are renting someone else's property either for commercial use or residential use, you are required to sign a leasing document where the terms and conditions of leasing are clearly mentioned. In our city, it is mandatory to sing a legal agrrement while renting.