Editing Lease purchase contract (section)

{{Short description|Type of purchase agreement}}
A '''Lease-Purchase Contract''', also known as a '''lease purchase agreement''' or '''rent-to-own''' agreement, allows consumers to obtain durable goods<ref name="nehf">{{cite journal |last1=Nehf |first1=James P. |title=Effective Regulation of Rent-to-Own Contracts |journal=Ohio State Law Journal |date=1991 |volume=52 |page=751}}</ref> or [[Rent-to-own#Real estate|rent-to-own real estate]]<ref name="horowitz">{{cite web 
|last1=Horowitz |first1=Alex |title=What Has Research Shown About Alternative Home Financing in the U.S.? |url=https://www.pewtrusts.org/en/research-and-analysis/issue-briefs/2022/04/what-has-research-shown-about-alternative-home-financing-in-the-us |website=pew.org |access-date=1 September 2022 |language=en |date=4 April 2022}}</ref> without entering into a standard credit contract.<ref name="nehf" /> It is a shortened name for a '''lease with option to purchase contract'''. For real estate, a lease purchase contract combines elements of a traditional [[rental agreement]] with an exclusive [[right of first refusal]] option for later purchase of the home.<ref name="park">{{cite journal |last1=Park |first1=Min |title=Alternatives to Traditional Mortgage Financing in Residential Real Estate: Rent to Own and Contract for Deed Sales |journal=The Quarterly Journal of Finance |date=June 2021 |volume=11 |issue=2 |pages=2150007 |doi=10.1142/S2010139221500075|s2cid=228843554 }}</ref>

[[File:Lease Purchase Agreement.pdf|thumb|Example of a lease with option to purchase contract for real estate]]