|Real Estate Glossary|
Nonprofit organizations may use the lease-purchase option to purchase a home that they then rent to a consumer, or "leaseholder." The leaseholder has the option to buy the home after a designated period of time (usually three or five years). Part of each rent payment is put aside toward savings for the purpose of accumulating the down payment and closing costs.
[ Back To Real Estate Glossary ]
Real Estate Websites by iHOUSEweb, Inc. ®