A Lease to Purchase Contract is utilized when parties wish to combine a property lease with an option for the tenant to purchase the property during or at the end of the lease term. This hybrid agreement, governed by Indian law, provides flexibility for potential buyers who may not be ready for an immediate purchase but want to secure the option to buy in the future. The document addresses both the immediate leasing arrangement and the future purchase possibility, including rent credit mechanisms, purchase price determination, and option exercise procedures. It must comply with various Indian legal requirements, including the Transfer of Property Act, Registration Act, and state-specific property laws. This type of contract is particularly useful in situations where buyers need time to arrange financing or want to test the property's suitability before committing to a purchase.
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1. Parties: Identification of the lessor/seller and lessee/buyer with complete details
2. Background: Context of the agreement and brief property description
3. Definitions: Key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including boundaries and built-up area
5. Lease Terms: Duration, rent amount, payment schedule, and maintenance responsibilities
6. Security Deposit: Amount, payment terms, and conditions for refund
7. Purchase Option Terms: Purchase price, option period, and exercise mechanism
8. Rent Credit: Portion of rent to be credited towards purchase price
9. Property Maintenance: Responsibilities for repairs, maintenance, and improvements
10. Insurance: Required insurance coverage during lease period
11. Default and Remedies: Consequences of default under lease or purchase terms
12. Registration and Stamp Duty: Responsibilities for registration costs and stamp duty
13. Notices: Method and addresses for formal communications
14. Governing Law: Jurisdiction and applicable laws
15. Dispute Resolution: Process for resolving disputes
1. Property Usage Restrictions: Specific restrictions on property use, needed for commercial properties
2. Subletting Provisions: Terms for subletting, if permitted
3. Early Purchase Option: Terms for exercising purchase option before lease end
4. Financing Contingencies: Conditions related to buyer's financing arrangements
5. Property Improvements: Terms for making and compensating improvements
6. Extension Options: Terms for extending the lease period
7. Assignment Rights: Terms for assigning the agreement to third parties
8. Force Majeure: Provisions for unforeseen circumstances
9. Environmental Compliance: Required for properties with potential environmental concerns
1. Schedule A - Property Description: Detailed property specifications, boundaries, and floor plans
2. Schedule B - Rent Payment Schedule: Detailed breakdown of rent payments and escalations
3. Schedule C - Purchase Price Calculation: Formula for final purchase price including rent credits
4. Schedule D - Property Inspection Report: Initial condition report of the property
5. Schedule E - Maintenance Requirements: Detailed maintenance obligations of both parties
6. Schedule F - Permitted Modifications: List of allowed property modifications during lease
7. Appendix 1 - Property Documents: Copies of property title, tax receipts, and permits
8. Appendix 2 - Insurance Requirements: Detailed insurance specifications
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