The purchase agreement doesn't "supersede" the lease until the deal closes. At that point, the lessor and the lessee are effectively one in the same.Facilitate lease-to-purchase agreements in New York with our customizable template. Ensure legal compliance and secure your property with confidence. We've included a lengthy, typical NYC real estate purchase contract geared towards new development for your review below. A lease purchase agreement in real estate is a rent to own contract between a tenant and the landlord for the former to purchase the property. Subject to the terms and conditions of this Agreement, Sellers agree to sell to. We can't wait to welcome you home to The Smith Valley Forge! Find the answers to your lease agreement questions here before you sign. The Lease is in full force and effect. 3.