What is the purpose of a lease option?

A lease option serves a specific purpose in rental agreements by providing tenants with the opportunity to purchase the property at a later date. This arrangement is beneficial for both tenants and landlords; tenants can lock in a purchase price and have the security of living in the home they may want to buy, while landlords can have a potential buyer lined up, which can motivate them to maintain the property in good condition. The lease option creates an avenue for tenants to transition from renting to homeownership, which can be an attractive feature in markets where buying a home may be challenging.

The other options describe aspects of leasing or renting that do not pertain to the specific function of a lease option. For instance, negotiating the rent can occur in various lease situations but does not inherently relate to the option to purchase. The limitation on the duration of a lease centers around traditional lease agreements and does not involve purchasing rights. Lastly, evictions relate to the landlord's ability to remove tenants for failure to abide by lease terms and are not connected to a lease option's purpose or arrangement.