A business purchase letter of intent outlines a proposed purchase arrangement between a buyer and seller. At the decision of the buyer and seller, the letter may be considered binding, although, usually the letter sets up the framework of a formal agreement that will be drafted at a later time.
A rent-to-own lease agreement is a standard rental contract with an added option for the tenant to purchase the property. This arrangement is common for homeowners seeking to collect rent on their homes and possibly sell to the tenant at a pre-negotiated price. Financing is commonly provided by the owner if they have no mortgage on the property.