Lease Purchase Option Question

[Taylor Bolton]

Hello all. I have visited this site numerous times, but this is my first post. I am fairly new to the real estate investing world, and I hope you all can help me.

I received a phone call today in response to one of mailers. The lady said she was ready to sell, told me what she wanted for the property, what she owed on the property, and why she was moving. She seemed pretty motivated. 

When I searched the tax assessor's website I noticed the property was actually owned by an investment group. I called her back and she preceded to tell me that she was in a lease purchase option with that company, and that the contract stated if she paid off the remaining amount owed, they would transfer the deed to her name, and then she could transfer to me.

Is this even possible? Obviously, I need to see a copy of the contract to review the details of the lease option, but before I dive in any further I wanted to make sure that this is even possible, or legal? I know technically she doesn't even own the property, so I'm not sure how, if at all, this would work?

Any info would be greatly appreciated. 

Thanks,

Taylor Bolton