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

A "lease option" is a contractual agreement that provides the tenant with the right, but not the obligation, to purchase the property at a specified price within a certain timeframe while they are renting it. This arrangement typically benefits tenants who may want to eventually own a home but are currently unable to secure a mortgage or raise the necessary funds for a down payment.

The lease option helps align the tenant's rental period with potential future ownership. The tenant can live in the property as a renter, thereby becoming familiar with it and the neighborhood, all while having the security of knowing they have the opportunity to purchase the property later. This can also help them build necessary credit or savings during the lease term.

While the other options may seem plausible in a general rental agreement context, they do not capture the unique feature of a lease option, which specifically pertains to the tenant's prospective right to buy the property.