lease purchase
Definition
Lease contract under which a portion of the lease payment or rent is applied to the purchase price of the leased asset or property. When the full price is paid up, the title to the item is transferred from the seller or owner (the lessor) to the buyer or tenant (the lessee). Lease purchases are a type of hire-purchase and are generally considered to be capital leases for accounting purposes.
lease purchase is in the Accounting & Auditing, Banking, Commerce & Finance, Purchasing & Procurement and Real Estate & Buildings subjects.
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