What Tenant means in a Rent to Own or Lease with Option to Purchase transaction
Last modified December 21, 2021The definition of Tenant in a typical residential Home or Commercial building or Rental unit in a Lease with the Option to Purchase program or Rent with the Option to Purchase is someone who exclusively holds the right to possess the property, that they either have a Rental agreement with or Lease agreement with the Owner of the property. In the case of a Lease with Option to Buy the property, the Tenant has the exclusive right to purchase the property, per the terms of the Lease with Option to Purchase document. Its the Tenants option to excersize right to purchase the property.