This lease option is more commonly referred to as a right of first refusal. An implicit or written lease outlines the terms and conditions under which a lasset essor agrees to rent out a piece of property for use by a lessee.
According to the agreement, the lessee will have access to the property for the predetermined period of time, and the owner will receive consistent payments during that time. The conditions of one party's agreement to rent an asset, in this case property, owned by another party are laid forth in a lease. It ensures that access to the property will be granted to the lessee.
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