The Lease Agreement With Option To Purchase is a specialized legal document used in Canadian jurisdictions when a property owner wishes to lease their property while giving the tenant the exclusive right to purchase it during or after the lease term. This arrangement is particularly useful for tenants who want to eventually own the property but need time to arrange financing or evaluate the property's suitability for their long-term needs. The document typically includes provisions for regular lease payments, maintenance responsibilities, and detailed terms for exercising the purchase option, including price determination and credit for rent paid. It's commonly used in both residential and commercial contexts, requiring careful attention to provincial property laws, tenant rights, and real estate transaction regulations. The agreement provides flexibility for both parties while establishing clear legal frameworks for both the lease period and potential sale.
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1. Parties: Identification of the landlord/seller and tenant/buyer, including full legal names and addresses
2. Background: Context of the agreement, including property description and general purpose of the arrangement
3. Definitions: Key terms used throughout the agreement, including property-specific terminology and financial terms
4. Lease Terms: Duration of lease, rent amount, payment terms, and renewal provisions
5. Property Use and Maintenance: Permitted use of property, maintenance responsibilities, and property condition requirements
6. Option to Purchase: Terms of the purchase option, including purchase price or price determination method
7. Option Period: Timeframe during which the purchase option can be exercised
8. Exercise of Option: Process and requirements for exercising the purchase option
9. Purchase Price and Payment: Details of purchase price, credit for rent paid, and payment terms
10. Insurance and Risk: Required insurance coverage and allocation of risk during lease and purchase phases
11. Default and Remedies: Events of default under lease or option terms and available remedies
12. Assignment and Subletting: Restrictions and conditions for assignment or subletting of lease or option rights
13. Notices: Requirements for formal communications between parties
14. Governing Law: Applicable law and jurisdiction for dispute resolution
15. General Provisions: Standard contractual provisions including severability, entire agreement, and amendments
1. Property Improvements: Terms regarding tenant improvements and their impact on purchase price, used when improvements are anticipated
2. Environmental Matters: Environmental warranties and obligations, included for commercial properties or where environmental concerns exist
3. Property Management: Terms for property management during lease period, relevant for commercial properties
4. Right of First Refusal: Additional right to match any third-party offers, included when agreed as alternative to fixed option
5. Mortgage Provisions: Terms relating to existing or future mortgages, included when property is mortgaged
6. Common Area Maintenance: Terms for shared facilities and their maintenance, included for multi-unit properties
7. Option Extension: Terms for extending the option period, included when flexibility is desired
1. Schedule A - Property Description: Legal description and details of the property including boundaries and included fixtures
2. Schedule B - Rent Schedule: Detailed breakdown of rent payments, including any scheduled increases
3. Schedule C - Option Price Calculation: Formula or method for calculating final purchase price, including rent credits
4. Schedule D - Property Condition Report: Detailed assessment of property condition at lease commencement
5. Schedule E - Permitted Alterations: List of allowed modifications or improvements to the property
6. Schedule F - Insurance Requirements: Detailed insurance requirements for both lease and purchase phases
7. Schedule G - Environmental Reports: Environmental assessment reports or declarations where applicable
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Relevant Industries
Real Estate
Property Management
Residential Housing
Commercial Property
Retail
Industrial
Agriculture
Professional Services
Hospitality
Manufacturing
Relevant Teams
Legal
Real Estate
Property Management
Facilities
Operations
Asset Management
Risk Management
Finance
Contract Administration
Compliance
Relevant Roles
Property Manager
Real Estate Agent
Real Estate Broker
Legal Counsel
Property Administrator
Asset Manager
Facilities Manager
Contract Administrator
Leasing Manager
Transaction Manager
Real Estate Investment Manager
Property Development Manager
Commercial Lease Administrator
Real Estate Operations Director
Portfolio Manager
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