A lease purchase agreement between a tenant and a landlord allows the renter the option to eventually buy the 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 New York renttoown agreement is a rental contract in which a tenant may acquire ownership of the property during the option period. In this arrangement, the renter pays the owner an option fee at an agreedupon purchase price, giving them exclusive rights to buy the property. A lease option allows renters the opportunity to purchase the building at the end of the lease. Today's renttoown guide for landlords will cover, from start to finish, what you should focus on while making this type of agreement. A lease option agreement is important if a tenant wants to purchase the landlord's property at the end of the lease. 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. The repair cost will be added rent.