Property Ownership
In New York City, a 'rent-to-own' (lease-option) arrangement allows a tenant to:
APurchase the property at any price they negotiate during the option period
BLease a property with an option to purchase at a specified price within a specified time, with some or all rent potentially credited toward the purchase price✓ Correct
CAutomatically acquire title after living in the property for 5 years
DSublease the property to a third party who may then purchase it
Explanation
A rent-to-own (or lease-option) arrangement combines a lease with an option to purchase. The tenant pays rent (some of which may be credited toward the purchase price) and has the right (but not the obligation) to purchase the property at a predetermined price within the option period. The option must be in writing and supported by consideration to be enforceable under New York's Statute of Frauds.
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