Description: This example of an agreement between a developer and a lease- purchaser is intended to illustrate how NSP grantees, subrecipients. "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.Leverage our Rent-to-Own Agreement to rent your property to a tenant with the option to purchase it in the future. A lease purchase agreement is a renttoown contract between a property owner and tenant. A lease option is an agreement that gives a renter the choice to purchase the rented property during or at the end of the rental period. Use the Lease Purchase Option to set forth all of the details of the transaction, including rent credits, purchase price, and time frame. Learn how the IRS determines whether your lease option arrangement is actually a saleand how it could impact your tax picture. A lease option agreement is important if a tenant wants to purchase the landlord's property at the end of the lease. A lease purchase agreement in real estate is a renttoown contract between a tenant and a landlord for the tenant to purchase the property at a later point. This can be beneficial in a rising real estate market.