A lease purchase agreement is one that combines some of the elements of a ________ with a lease.

A lease purchase agreement is a contract that effectively combines elements of a lease with those of a sale. In such an agreement, the tenant (lessee) typically rents the property with the option to purchase it at a later date. This dual nature allows the tenant not only to occupy the property temporarily but also to have a pathway to ownership, should they choose to exercise that option.

The lease components often include terms such as the duration of the lease, monthly payments, and maintenance responsibilities, while the sale elements may include the eventual purchase price, any credits toward the price based on lease payments, and the process for completing the sale if the tenant decides to buy the property. This arrangement is particularly popular in real estate, as it provides tenants with the opportunity to invest in property ownership without having to secure a mortgage upfront.

The other choices do not fully capture the nature of a lease purchase agreement. A simple contract could encompass various types of agreements without the specific implications of combining leasing and purchasing terms. A sublet typically involves a current tenant renting their leased property to another party, which does not involve the purchase element. The option "None of these is correct" does not apply, since a lease purchase agreement clearly aligns with the concept of a sale