This article will discuss the law applicable to lease-options and lease-purchases including the overlap with the law of executory contracts. Topurchase agreement in Texas is a great way to buy property if you don't have the funds or credit to do it outright.THIS AGREEMENT (hereinafter referred to as the "Texas Lease Agreement") is made and entered into this ____ day of. This article answers some questions about purchasing a home through a longterm executory contract instead of taking out a mortgage. 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. Lease options in Texas give the buyer the option of purchasing the property, but it has no terms concerning how the complete payment will be made. Purchase agreement is a standard lease with an added option for the tenant to purchase the property. What does a Purchase Contract include?