Delaware Code Title 6 Sec. 7609 – Early purchase option
Current as of: 2023 | Check for updates
|
Other versions
A lease purchase agreement must provide that at any time after the initial rental payment, the lessee may acquire ownership of the property by tendering 55 percent of the difference between the total of rental payments necessary to acquire ownership of the property and the total amount of rent paid for use of the property at that time.
Terms Used In Delaware Code Title 6 Sec. 7609
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC