Learn the differences between Lease Purchase and Lease Option Agreements in Florida and how they can help you secure your dream home. The renter will have the option to purchase the home at an agreed upon price at the expiration of the agreed upon time period.Residential lease with option to purchase. Can you take a look at this file? Description: This example of an agreement between a developer and a lease- purchaser is intended to illustrate how NSP grantees, subrecipients. Ready to expand your portfolio? Here is a buyer's guide to lease option properties in Palm Beach County. A lease purchase is a formal contract between a renter and a seller that combines the elements of a right of first refusal and a rental contract into one. This program provides 1 to 5 years of rent certainty with only a one-year financial commitment on the lease. In addition, the option fee is typically nonrefundable.