Rental agreement with purchase option contract – standard housing contract with an additional clause that allows the tenant to purchase the premises. The Texas lease applies a written contract that explains the interior of the transaction with a property for rent for a specified period. A potential tenant will usually enter into an agreement with a landlord after the first acceptance of a rental application. The documents provide each of the participants with substantial proof of the commitments to be met during the term of the lease agreement. The following links provide an overview of tenants` rights when establishing an owner-tenant relationship. Homeowners in all states, including Texas, are required under federal law to include essential elements in their lease agreements, specifically: lead-based color (42 U.S. Texas leases are real estate contracts for use between a landlord and tenant who seek to understand each other about the use of real estate for payment. . . .