The Residential Lease Agreement With Option to Purchase is designed for situations where a property owner wishes to lease their residential property while giving the tenant the exclusive right to purchase it during or at the end of the lease term. This document is particularly useful in Canadian jurisdictions where potential buyers may need time to arrange financing or improve their credit position before purchasing. It provides a structured pathway to homeownership while generating rental income for the property owner. The agreement must comply with provincial residential tenancy laws and real estate regulations, including specific requirements for option contracts and property transfers. It typically includes detailed terms about the rental period, purchase option terms, property maintenance, option fees, purchase price determination, and the specific process for exercising the purchase option. This type of agreement requires careful consideration of both rental and purchase aspects to protect all parties' interests and ensure legal enforceability.
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1. Parties: Identification of landlord/optionor and tenant/optionee with full legal names and addresses
2. Background: Context of the agreement, including property details and intent to lease with purchase option
3. Definitions: Key terms used throughout the agreement including Property, Option Period, Purchase Price, and Option Fee
4. Lease Terms: Essential lease provisions including term, rent amount, payment schedule, and utilities
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 option period, exercise process, and purchase price calculation
7. Option Fee: Amount, payment terms, and whether the option fee applies to purchase price
8. Exercise of Option: Process and requirements for exercising the purchase option
9. Purchase Terms: Terms that will apply if option is exercised, including closing process and conditions
10. Default and Remedies: Consequences of default under either lease or option terms
11. Insurance and Liability: Required insurance coverage and liability allocation
12. Assignment and Subletting: Rights and restrictions regarding assignment of lease or option rights
13. Notices: How and where formal notices must be delivered
14. General Provisions: Standard contract clauses including governing law, amendments, and severability
1. Pet Policy: Include when pets are allowed, specifying restrictions and additional deposits
2. Renovation Terms: Include when tenant is permitted to make improvements that may affect purchase price
3. Property Manager: Include when a third-party property manager is involved
4. Rent Credit: Include when portion of rent will be credited toward purchase price
5. Early Purchase Option: Include terms for exercising option before end of lease term
6. Multiple Tenants: Include when multiple tenants share option rights
7. Financing Contingency: Include when purchase option exercise depends on tenant obtaining financing
8. Home Warranty: Include when specific warranties will transfer upon purchase
1. Schedule A - Property Description: Detailed legal description of property and included fixtures/chattels
2. Schedule B - Rent Schedule: Detailed breakdown of rent payments and due dates
3. Schedule C - Option Price Calculation: Formula or method for determining final purchase price
4. Schedule D - Property Condition Report: Detailed assessment of property condition at lease start
5. Schedule E - Permitted Improvements: List of improvements tenant is authorized to make
6. Appendix 1 - Required Insurance: Detailed insurance requirements for both parties
7. Appendix 2 - Property Rules and Regulations: Specific rules governing property use and maintenance
8. Appendix 3 - Option Exercise Form: Standard form for exercising purchase option
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