Sale &Operating Leaseback reply

”…“what classifies as a Sale and Operating leaseback?”

I own an asset with a fair value of $58,000 and wish to release the equity that is tied up in that asset

So I sell it, to you, for $50,000 and lease it back under operating lease terms where I pay you $1,000 per month for 5 years at the end of which time that asset is yours

I’ve sold it
I’ve leased it back
Under an operating lease
That’s how it classifies as a sale and operating lease back

OK?….”

Me:
So you sell an asset, intending to pay installments to buy it back.
Understood thanks.

Furthermore, is that similar in a way to how some people remortgage properties when they’re almost paid off?
ie after 30-ish years of paying my mortgage I have 5000 left to pay.

I want to buy another property and choose to remortgage my house (in theory releasing some of its equity) for 50 000.
How would you define such a transaction?

PS Do you know that after you answer questions the first time, they become locked ( the titles are greyed out) so Students arent able to reply to your answers?

PPS apologies if this seems like spam, but it was the only way I could think to reply. unless I’ve missed something.