The Texas lease to own agreement is a type of rental contract that not only allows the tenant the right to occupy the premises, but also the right to purchase the home should they choose to make that decision. This is common among people who would like to secure a property but are not quite prepared to purchase immediately (whether they need more time to acquire a loan and so forth). The landlord/seller and tenant/buyer must conclude the details of the arrangement and enter them into the form as a record of the agreed terms. The major components of the form include the period of the option to purchase, the amount of consideration that the tenant will pay for the option, and the figure in which they are willing to buy the property for should they choose to purchase. This is all wrapped up with signatures from the owners, occupants/buyers, agents, and witnesses.
(If the term of the agreement exceeds 180 days, it is considered an executory contract. Refer to Title 2, Chapter 5: Conveyances for more information on the laws regarding executory contracts.)