The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

LEASE PURCHASE Definition & Legal Meaning

Definition & Citations:

Type of lease contract with a lease payment or rent is proportionally applied to a purchase price of the leased asset or property. Lease purchases are a type of hire-purchase. Generally considered to be capital leases for accounting purposes. The title to the item goes from the seller or owner to the buyer or tenant when fully paid.

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