- In lease purchase agreements, the property can be new or used. It is sold to a lease company who in turn leases it back to the original owner or the intended buyer. The lease purchase agreement can be used for the acquisition of equipment, real estate and entire businesses as part of acquisition financing. For example, if sufficient closing funds are not obtainable through normal borrowing methods, it is possible to sell the used equipment to a leasing company and then lease it back. This capital is then available to the original seller of the business.