A lease to own agreement, also referred to as a ﾓrent to own,ﾔ ﾓlease optionﾔ or ﾓlease purchaseﾔ agreement, is a lease that allows a tenant to occupy a property combined with an option to purchase the property in the future for a specified price within a specified period of time. Often a slightly higher monthly rent is paid in a lease to own agreement; a portion of the payment is then credited toward the purchase price. Purchasing the property is not mandatory in a lease to own agreement; the lessee may decide at a later date not to exercise the option to buy the property. In this case, the credited rent is usually forfeited to the property owner and cannot be recovered by the lessee. A lease to own agreement is sometimes a popular choice for people who need time to accumulate the necessary funds to purchase a home.