A lease agreement will include an option for the tenant to purchase the leased property during or at the end of the term of a lease agreement. Description: This example of an agreement between a developer and a lease- purchaser is intended to illustrate how NSP grantees, subrecipients.This interactive legal form creates a standard lease for a residential property, with provisions for the tenants to exercise an option to buy the property. The Court of Appeal held that once a tenant exercises its option to purchase under a lease agreement, the lease terminates, the tenant becomes a vendee. A California lease agreement allows a landlord of residential or commercial property to write a legally binding rental contract with a tenant. "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 purchase agreement in real estate is a renttoown contract between a tenant and a landlord for the tenant to purchase the property at a later point. Paying rent on time and as specified in the rental agreement. The process involves taking the percentage change in the CPI and applying it to the current rent. However, you will likely forfeit any payments you made to the property.