A tenant has a lease and the right to purchase the property at an agreed-upon price either during the lease term or at its end. This is known as?

This situation describes a Lease Option, which is a specific agreement that gives the tenant the right to purchase the property at a predetermined price at some point during the lease term or at the lease's conclusion. The key characteristic of a Lease Option is that it provides the tenant with an exclusive opportunity to buy the property, while also allowing them to occupy and use the property under a lease agreement.

The tenant typically pays an additional fee, often called an option fee, which can sometimes be credited toward the purchase price if the tenant decides to buy the property. This arrangement benefits tenants who may not currently have the means to purchase a home but wish to secure the option without losing the chance to buy in the future.

Other options such as a leasehold estate, life ownership, or lease purchase do not accurately capture the nature of this agreement. A leasehold estate simply refers to the tenant's rights to occupy and use the property under a lease, without the purchase option. Life ownership concerns ownership tied to an individual's lifetime rather than a lease agreement. A lease purchase, while it sounds similar, generally implies a more binding arrangement for the tenant to purchase the property, contrasting with the flexible nature of a lease option. Thus, the correct identification is a Lease Option due