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About this Form: This form is an Option to Purchase, also known as a Lease Purchase Option. The buyer (the property renter) pays the seller (the property owner) option money for the right to purchase the property later.In a rent-to-own agreement, the title to the house remains with the landlord until the tenant exercises the option and purchases the property. A lease option to buy is a twopart arrangement between a landlord and a tenant. A renttoown or lease option is a contract you can use to buy a home in the future at terms you agree to today. Closing; or (3) Lessor fails or is unable to meet any of the obligations set forth in the lease option agreement. d. Difference Between Lease Option and Lease Purchase — A lease purchase agreement is a rent-to-own legal contract used between a tenant and a landlord.
