What does the "lease option" allow a tenant to do?

The lease option is a contractual agreement that grants a tenant the right to purchase the property at a predetermined price after leasing it for a specified period. This arrangement benefits both parties: the tenant has the opportunity to live in the property and get acclimated to the neighborhood while having the security of a set purchase price. If the market value of the property increases during the lease period, the tenant is not affected by this rise, as they can buy the property at the previously agreed-upon price. This option can be particularly appealing for individuals who may need time to secure financing or improve their credit before making a commitment to buy.

In contrast, other options presented would not accurately describe the function of a lease option. For instance, simply renting the property without any obligation to purchase would not provide the tenant with the benefits of a lease option, as it lacks the purchasing aspect. Negotiating lower rent during the tenancy does not pertain to a lease option; rather, it is a different aspect of tenant-landlord negotiations. Lastly, the idea of evicting other renters before purchasing does not align with the concept of a lease option, as eviction relates to tenancy rights rather than purchase rights. Thus, the option to purchase the property at a predetermined price after leasing