The Lease Option Property For Sale agreement is a sophisticated legal instrument used in Indian real estate transactions where a property owner wishes to lease their property while simultaneously granting the tenant an exclusive option to purchase it. This arrangement is particularly useful in situations where potential buyers need time to arrange financing or want to "try before they buy." The document must comply with Indian property laws and typically includes detailed provisions for both the lease period (rent, maintenance, utilities) and the purchase option (option fee, purchase price, exercise period). It's commonly used in both commercial and residential contexts, requiring careful consideration of state-specific property laws, stamp duty requirements, and registration procedures. The agreement provides protection for both parties by clearly defining their rights and obligations during the lease period and establishing concrete terms for the potential future sale.
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1. Parties: Identification of the lessor/seller and lessee/potential buyer with complete details
2. Background: Context of the agreement, including property overview and parties' intentions
3. Definitions: Key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including address, boundaries, and registration details
5. Lease Terms: Duration, rent amount, payment terms, and other standard lease provisions
6. Option Terms: Details of the purchase option, including option period, purchase price, and exercise procedure
7. Option Fee: Amount, payment terms, and status of the option fee
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. Exercise of Option: Process and requirements for exercising the purchase option
11. Title and Due Diligence: Provisions regarding property title and buyer's due diligence rights
12. Default and Remedies: Consequences of default under either lease or option provisions
13. Notices: Requirements for formal communications between parties
14. Governing Law: Specification of Indian law and jurisdiction
15. Miscellaneous: Standard boilerplate provisions including severability, entire agreement, and amendments
1. Property Management: Required when specific property management arrangements are needed during the lease period
2. Tenant Improvements: Include when the lessee is permitted to make improvements to the property
3. Assignment and Subletting: Include when transfer rights need to be specifically addressed
4. Environmental Matters: Required for properties with potential environmental concerns or compliance requirements
5. Right of First Refusal: Include when giving the lessee additional rights beyond the option
6. Rent Credit: Include when portion of rent payments will be credited toward purchase price
7. Property Inspection: Required when specific inspection rights or requirements need to be detailed
8. Mortgage/Encumbrance Provisions: Include when property has existing mortgages or encumbrances
1. Property Description Schedule: Detailed legal description of the property including boundaries and fixtures
2. Rent Payment Schedule: Detailed breakdown of rent payments, due dates, and escalation terms
3. Option Fee Calculation: Breakdown of option fee and how it applies to purchase price
4. Property Condition Report: Detailed assessment of property condition at lease commencement
5. Permitted Uses: Specific allowed uses of the property during lease period
6. Existing Encumbrances: List of current mortgages, liens, or other encumbrances on the property
7. Required Insurance Coverage: Detailed insurance requirements for both parties
8. Maintenance Schedule: Detailed breakdown of maintenance responsibilities
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