Description: This example of an agreement between a developer and a lease- purchaser is intended to illustrate how NSP grantees, subrecipients. A lease option contract has two parts, the first part is the lease, and that part is handled like any lease, money down and you move in.The Guide explains what you should know when applying to rent, living in a rented property, and dealing with the end of a lease. Facilitate lease-to-purchase agreements in Pennsylvania with our customizable template. Ensure a clear transition to homeownership. Do you currently own the subject property? Yes. No. If yes, please indicate form of control: Purchase Option. A lease purchase agreement between a tenant and a landlord allows the renter the option to eventually buy the property. The housing specialist has up to 60 days to complete the lease agreement. A Pennsylvania residential purchase agreement establishes a legal arrangement between a buyer and a seller in a real estate transaction.