Contracts
A lease-option agreement in Minnesota combines:
AA purchase agreement with a construction contract
BA lease (rental) agreement with an option to purchase the property at a specified price✓ Correct
CA listing agreement with a buyer's representation agreement
DA mortgage with a land contract
Explanation
A lease-option combines a lease (giving the tenant the right to occupy) with an option to purchase (giving the tenant the right to buy at a set price within a specified period). A portion of the rent may be credited toward the purchase price. If the tenant does not exercise the option, they forfeit the option consideration.
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