The Lease Option Agreement Contract is a sophisticated legal instrument used in Indian real estate transactions where parties wish to combine a lease arrangement with a potential future purchase. This document is particularly valuable when a potential buyer wants to secure a property but needs time before making a full purchase commitment, or when a seller wishes to maintain steady rental income while offering future sale potential. It must comply with Indian legislation including the Transfer of Property Act, 1882, the Registration Act, 1908, and applicable state laws. The agreement protects both parties' interests by clearly defining lease terms, purchase option conditions, and the process for exercising the option. It's commonly used in both commercial and residential property transactions, requiring careful consideration of local property laws, registration requirements, and stamp duty obligations.
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1. Parties: Identification of the lessor/option grantor and lessee/option holder with complete details
2. Background: Context of the agreement, including property details and parties' intentions
3. Definitions: Key terms used throughout the agreement including 'Option Period', 'Purchase Price', 'Lease Term'
4. Lease Terms: Core lease provisions including rent, duration, and payment terms
5. Option Grant: Terms of the option to purchase, including option fee and exercise period
6. Exercise of Option: Procedure for exercising the option and timeline for completion
7. Purchase Price: Agreed purchase price for the property if option is exercised and payment terms
8. Maintenance and Repairs: Responsibilities for property maintenance during the lease period
9. Insurance and Utilities: Requirements for insurance coverage and responsibility for utility payments
10. Default and Remedies: Consequences of default under either lease or option provisions
11. Assignment and Subletting: Restrictions on transfer of lease or option rights
12. Notices: Process for formal communications between parties
13. Governing Law: Specification of Indian law and jurisdiction
14. Execution: Signature blocks and witness requirements
1. Property Management: Include when property is part of a larger complex or requires specific management arrangements
2. Environmental Matters: Include for industrial properties or when environmental concerns exist
3. Alterations and Improvements: Include when tenant is permitted to make significant modifications
4. Security Deposit Investment: Include when specific arrangements for handling security deposit are needed
5. Force Majeure: Include when specific provisions for unforeseen circumstances are required
6. Right of First Refusal: Include when grantor wishes to sell to third party during option period
7. Mortgage and Subordination: Include when property is or may be mortgaged
8. Property Inspection Rights: Include when specific inspection arrangements are needed during option period
1. Schedule A - Property Description: Detailed legal description of the property including boundaries and measurements
2. Schedule B - Rent Schedule: Detailed breakdown of rent payments, increases, and due dates
3. Schedule C - Property Inventory: List of fixtures, fittings, and contents included in lease/sale
4. Schedule D - Option Exercise Notice: Template form for exercising the purchase option
5. Schedule E - Maintenance Schedule: Detailed breakdown of maintenance responsibilities
6. Schedule F - Property Condition Report: Initial condition assessment of the property
7. Appendix 1 - Required Permits: Copies of relevant permits and certificates
8. Appendix 2 - Property Plans: Floor plans and property drawings
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