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.Looking to buy home through a lease option? In this arrangement, the renter pays the owner an option fee at an agreedupon purchase price, giving them exclusive rights to buy the property. With a lease option, you're usually paying a premium for the home. I'm purchasing several properties and I would like to set them up as lease options and hire a management company to manage them. Leverage our Rent-to-Own Agreement to rent your property to a tenant with the option to purchase it in the future. For their respective interests in the Premises and property located on the Premises. First, you must complete a Rental Housing License Application online. You can also fill out the PDF version of the application.