Posted by Don (VA) on July 27, 2007 at 11:06:10:
Renting: A right of occupancy for a specified time for a specified amount of money. No commitment (or offer) by either party to purchase.
Lease Purchase: A rental with an added purchase agreement, committing the renter to purchase, and the owner to sell, the property for an agreed-upon price.
And, though you didn’t ask, Lease Option: A rental with an added option agreement, a unilateral agreement, allowing the renter to purchase at an agreed-upon price (but not requiring it); however, the option does require the owner to sell if the renter exercises the option.