Such agreements may establish tenancy and confer rights to the former owner, including "just cause" protections under the City's Rent Ordinance. A lease is a contractual possessory interest in real property for a specific term.("Agreement"), dated for references purposes as. Administrative Agent and their respective successors and assigns: (a). 1. Purchase and Sale. Purchase Contract: A real estate contract of sale functions as a legally binding agreement between two parties (i.e.