A lease purchase agreement between a tenant and a landlord allows the renter the option to eventually buy the property. This article will discuss the law applicable to lease-options and lease-purchases including the overlap with the law of executory contracts.Description: This example of an agreement between a developer and a lease- purchaser is intended to illustrate how NSP grantees, subrecipients. 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. "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.