A lease purchase agreement must provide that at any time after the initial rental payment, the lessee may acquire ownership of the property by tendering 55 percent of the difference between the total of rental payments necessary to acquire ownership of the property and the total amount of rent paid for use of the property at that time.
Structure Delaware Code
Chapter 76. DELAWARE LEASE-PURCHASE AGREEMENT ACT
§ 7602. Inapplicability of other laws; exempted transactions.
§ 7607. Lessee's reinstatement rights.
§ 7608. Prohibited provisions.
§ 7609. Early purchase option.
§ 7611. Prohibited provisions in lease-purchase agreement as void.
§ 7612. Receipts; acknowledgement of payment in full for ownership.
§ 7613. Award of reasonable attorneys' fees and court costs to prevailing party.
§ 7614. Waiver prohibited; severability.
§ 7615. Penalties; grace period for compliance; limitation of liability.