A lease purchase agreement between a tenant and a landlord allows the renter the option to eventually buy the property. Alley stone or option to purchase agreement may be used when a landlord and tenant both wish to provide the option to transfer a property."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. A lease option allows renters the opportunity to purchase the building at the end of the lease. In this arrangement, the renter pays the owner an option fee at an agreedupon purchase price, giving them exclusive rights to buy the property. This article will discuss the law applicable to lease-options and lease-purchases including the overlap with the law of executory contracts. Adams® Lease With Purchase Option. Forms come with FREE PDF downloads for printable, fillable professional-looking documents; complete step-by-step instructions included. Includes hardcopies of the lease and FREE downloads Just register your product online to access the most current fillable, printable forms. Description: This example of an agreement between a developer and a lease- purchaser is intended to illustrate how NSP grantees, subrecipients.