Posted by TroyT on September 24, 2003 at 21:31:14:
The confusion occurs because many people refer to a Lease Option as a Lease Purchase. They mean Lease Option, just as Brent described. Usually, when they say Lease Purchase, they are referring (incorrectly) to a Lease Option.
A true Lease Purchase is a true Rent-to-Own. A bi-lateral agreement. Many would-be Lease Optioners have been caught in a Rent-to-own situation, believing that they could get out of their agreement if they didn’t want to buy. I’ve seen some Builders around this area catch some people in this inaccuracy (scam).