"A lease option is a contract in which a landlord and tenant agree that, at the end of a specified period, the renter can buy the property at a specified price. Description: This example of an agreement between a developer and a lease- purchaser is intended to illustrate how NSP grantees, subrecipients.With a leaseoption agreement, the tenant of the home can purchase the property when the lease ends. Lease-option agreement: Provides the tenant the right to purchase the property at the lease end but with the flexibility to decide against it. 2. A lease agreement with option to purchase gives the buyer the right to buy the property at the end of the lease. A leaseoption agreement gives the tenant the option to purchase the house at the end of the lease. Edit, sign, and share Lease Purchase Agreements Package - Arizona online. A leaseoption agreement gives the tenant the option to purchase the house at the end of the lease. Use the Lease Purchase Option to set forth all of the details of the transaction, including rent credits, purchase price, and time frame. The nice thing with the "lease with option to buy" program is that you have up to 5 years to stay in the program and initiate the option.