The form will set out the rent cost, contract duration, and the option period in which the tenant can opt to 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.This agreement allows the tenant to lease the property with the option to purchase it before the lease term concludes. Geared to residential properties using different types of land contracts, lease options and deeds of trust. Use the Lease Purchase Option to set forth all of the details of the transaction, including rent credits, purchase price, and time frame. It includes language that allows the tenant to buy the property during the lease period. This form is an Option to Purchase, also known as a Lease Purchase Option. Use the Lease Purchase Option to set forth all of the details of the transaction, including rent credits, purchase price, and time frame. A Massachusetts rent-to-own lease agreement is made between a landlord and a tenant to rent property. About this Form: This form is an Option to Purchase, also known as a Lease Purchase Option.