The Land Lease Purchase Agreement is a sophisticated legal instrument used in Irish property transactions where immediate purchase is not desired or feasible, but future ownership is contemplated. This hybrid agreement combines elements of both leasing and purchase contracts, providing a structured pathway to property ownership while allowing immediate occupancy. It is particularly useful in commercial, agricultural, and residential development contexts where staged acquisition is advantageous. The agreement must comply with Irish property law, including the Land and Conveyancing Law Reform Act 2009 and related legislation. It typically includes comprehensive terms covering property use, maintenance obligations, rent payments, purchase price calculations, and the mechanism for exercising the purchase option. This type of agreement offers benefits such as immediate possession, potential rent-to-purchase credits, and price protection in rising markets.
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1. Parties: Identification and details of the Lessor/Vendor and Lessee/Purchaser
2. Background: Context of the agreement, including property overview and intention to lease with option to purchase
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the land and any improvements, including boundaries and included fixtures
5. Lease Terms: Duration of lease, rent amount, payment terms, and review periods
6. Purchase Option: Terms and conditions of the purchase option, including purchase price and how/when it can be exercised
7. Deposit and Payments: Details of initial deposit, how lease payments are credited toward purchase, and payment structure
8. Property Use and Maintenance: Permitted use of property, maintenance responsibilities, and improvement rights
9. Insurance and Risk: Insurance requirements and allocation of risk during lease period
10. Default and Remedies: Consequences of default by either party and available remedies
11. Exercise of Purchase Option: Process and requirements for exercising the purchase option
12. Completion of Purchase: Procedures and requirements for completing the property purchase
13. Representations and Warranties: Statements of fact and promises by both parties regarding the property and their capacity
14. Governing Law: Confirmation of Irish law governance and jurisdiction
1. Agricultural Provisions: Additional terms specific to agricultural land use, required if the property is farmland
2. Planning Permissions: Details of existing or required planning permissions, included if development is contemplated
3. Environmental Matters: Environmental conditions and obligations, included if there are specific environmental concerns
4. Existing Tenancies: Details of any existing tenancies or third-party rights, included if applicable
5. Mineral Rights: Provisions regarding mineral rights if relevant to the property
6. Service Charges: Details of service charges and management provisions for properties in managed developments
7. Break Clauses: Optional termination rights during the lease period
8. VAT Provisions: Specific VAT arrangements if the transaction is VAT-applicable
1. Property Schedule: Detailed property description, including maps, plans, and boundaries
2. Rent Schedule: Detailed breakdown of rent payments, increases, and purchase price calculations
3. Condition Schedule: Current condition of the property, including photographs and condition reports
4. Permitted Use Schedule: Detailed description of permitted uses and any restrictions
5. Insurance Schedule: Specific insurance requirements and minimum coverage levels
6. Maintenance Schedule: Detailed maintenance obligations and standards
7. Title Documents: Copies of relevant title documents and land registry entries
8. Planning Documents: Copies of relevant planning permissions and certificates
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