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Alley stone or option to purchase agreement may be used when a landlord and tenant both wish to provide the option to transfer a property while attempting to minimize the involvement or amount typically necessary from financial institutions this can be a real money saver to all involved parties however it should be noted that an agreement is only as beneficial as each partys ability to uphold and maintain it for this reason both landlord and seller and tenant and buyer must be sure to accurately represent their ability to uphold and maintain the agreement for the duration of the term in Vault variations variations of a purchase option in a lease agreement most often come in the form of a right of first refusal or a right of first offer an ROFR does not give the option to sell to the tenant rather it requires the landlord if he decides to sell to first offer the property to the tenant on the other hand an ro fo gives the tenant the first right to make an offer to buy the property befor