Let's go over how to fill out the Arizona Association of Realtors residential lease agreement! "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.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. If you have questions about commercial lease agreements, you should contact business planning attorney Nicole Pavlik for the professional help you need. How to properly fill out the Arizona Association of Realtors Resale Purchase Contract using Dotloop. A Phoenix lease agreement is a legal document outlining the terms and conditions between a landlord and tenant for a rental property.