The Lease With Option To Buy agreement is a sophisticated legal instrument used in the Irish property market when parties wish to combine a traditional lease arrangement with a future purchase opportunity. This document is particularly useful for tenants who want to eventually own the property but need time to arrange financing or assess the property's suitability for long-term use. It provides flexibility while protecting both parties' interests through detailed terms covering the lease period, purchase option mechanisms, and transition from tenant to owner. The agreement must comply with Irish property law, including the Residential Tenancies Act 2004 and the Land and Conveyancing Law Reform Act 2009, while addressing specific requirements for both leasing and property sales transactions in Ireland.
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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 details and purpose of the arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Lease Terms: Core lease provisions including duration, rent amount, payment terms, and renewal options
5. Property Use and Maintenance: Permitted use of property, maintenance responsibilities, and condition requirements
6. Option to Purchase: Terms of the purchase option, including duration, exercise process, and purchase price determination
7. Exercise of Option: Procedure for exercising the option, including notice requirements and completion timeframes
8. Deposit and Payment Terms: Details of initial deposit, how it applies to purchase price, and payment structure
9. Property Condition and Inspections: Rights and obligations regarding property inspections and condition assessments
10. Insurance and Risk: Insurance requirements and allocation of risk during lease and purchase process
11. Default and Remedies: Consequences of default under either lease or option terms
12. Assignment and Subletting: Restrictions on transfer of lease or option rights
13. Notices: Requirements for formal communications between parties
14. Governing Law: Confirmation of Irish law governance and jurisdiction
15. Termination: Circumstances and procedures for termination of lease and/or option
1. Environmental Matters: Required if property has known environmental issues or specific environmental compliance requirements
2. Planning Permissions: Needed if property requires specific planning permissions or has pending applications
3. Break Clause: Optional early termination provisions if agreed by parties
4. Rent Review: Include if rent reviews are permitted during the lease term
5. Management Company Provisions: Required for properties in managed developments or apartment complexes
6. VAT Elections: Include if VAT treatment needs to be specified for the property transaction
1. Property Description: Detailed description of the property including boundaries, fixtures, and fittings
2. Rent Schedule: Breakdown of rent payments, including any scheduled increases
3. Option Price Calculation: Formula or method for determining the final purchase price
4. Condition Report: Initial property condition report with photographs
5. Service Charges: Details of service charges and management fees if applicable
6. Permitted Alterations: List of alterations tenant is permitted to make to the property
7. Title Documents: Copies of relevant title documents and planning permissions
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