Facilitate lease-to-purchase agreements in Michigan with our customizable template. Ensure legal compliance and secure your property with confidence.A lease with the option to buy is a contract with two parts. First, it is a residential lease. Chapter 554 (Real and Personal Property). A Michigan rent-to-own lease agreement is a lease that includes an option for the tenant to buy the property. A Michigan renttoown agreement establishes a real estate arrangement between a tenant and a landlord that allows the tenant to purchase the property. Agreement and the vendor's quote.