XP: Explain to me like I'm 5...

[marylou]

...the pros and cons of a lease purchase agreement.

It seems like a win/win situation, and the best way for us to get into our forever home sooner. It was advertised on Realtor.com, and I was just day dreaming, but it is:

- The size house we want
- Within our eventual target price
- In the area we want
- Adorable

Lease price would be less than our current rent. How does a lease purchase agreement work? Do I need to get a realtor or is this something we can handle ourselves (like renting an apartment)?

ETA: We won't be ready to purchase until Spring 2014, at the earliest.

TIA!