Remember that this contract is a standard lease agreement with the option to purchase the property for a lifetime. The buyer is not bound by the purchase of the property. However, if the buyer chooses to buy the property, the seller is obliged to sell according to the terms of the contract. Rocket Lawyer offers a free lease agreement with option to purchase, if: Then you decide on the purchase option. In this regard, the „housing rental agreement with option to purchase“ is a kind of contract used in both the residential and commercial real estate sectors. As part of this agreement, the tenant and the owner agree that at the end of a predefined rental period, the tenant has the necessary leeway to acquire the property as a whole. It is signed subject to the landlord-tenant rental laws that exist in each state. These rules are complemented by the rules of the real estate commission, which vary from state to state.