A lease option is an agreement that gives the lessee the right to choose whether to purchase the leased property during or at the end of the lease period.
The lease option also prevents the owner from offering the property for sale to anyone else.
The tenant usually pays some percentage on top of the standard monthly rent, which goes towards the down payment when buying a house.
Lease options can run for any period of time, but they usually expire after two to three years.
Depending on the contract, the buyer-tenant may be responsible for maintenance and repairs, which are usually the responsibility of the lessor.