What if properties are Leased with an Option to Purchase? Monica Smith2022-01-20T16:57:56+00:00January 20, 2022|0 Comments A “lease” is a rental, regardless of whether or not there is an option to purchase. Leased properties that are 1-4 units and built before 1978 are subject to the Rental Registry and Lead-Safe Ordinances. About the Author: Monica Smith Monica L. Smith is the Lead Safe Coordinator for the City of Toledo, Department of Housing and Community Development.