For more information on this innovative Lease with Right To Purchase program, please call 972-980-6672 or fill out the form below. This article will discuss the law applicable to lease-options and lease-purchases including the overlap with the law of executory contracts.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. Email the PDF fillable lease application to them. In this type of contract, a portion of a tenant-buyer's monthly rent payment is set aside, and credited toward their down payment in the future. Apply for approval. ​. A lease agreement longer than one year must be in writing. A lease is a contract between a landlord and a tenant. Lease Purchase contracts are arrangements in which the buyer pays rent on a home that goes toward the total purchase price or a down payment on said home.