The Lease Agreement With Option to Purchase is a specialized legal instrument used in Malaysian property transactions where parties wish to combine a standard lease with a future purchase option. This document is particularly useful when a potential buyer wishes to occupy and evaluate a property before committing to purchase, or when they need time to arrange financing. It provides protection for both parties: the landlord secures a tenant while maintaining the possibility of a sale, while the tenant gains occupancy rights and a guaranteed option to purchase at a predetermined price. The agreement must comply with Malaysian property and contract laws, including the National Land Code 1965 and Contracts Act 1950. It typically includes detailed terms about the lease period, rental payments, option fee, purchase price, condition for exercising the option, and the process for completing the sale if the option is exercised.
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1. Parties: Identification of the landlord/vendor and tenant/purchaser with full legal names and addresses
2. Background: Context of the agreement, including property ownership status and parties' intentions regarding lease and potential purchase
3. Definitions: Key terms used throughout the agreement including Property, Lease Term, Option Period, Purchase Price, etc.
4. Lease Terms: Core lease provisions including duration, rent amount, payment terms, and security deposit
5. Property Use and Maintenance: Permitted use of property, maintenance obligations, and property care requirements
6. Option to Purchase: Terms of the purchase option, including option fee, exercise period, and purchase price
7. Exercise of Option: Process and requirements for exercising the purchase option
8. Completion of Purchase: Requirements and process for completing the property purchase if option is exercised
9. Insurance and Liability: Insurance requirements and liability allocation between parties
10. Default and Termination: Events of default, remedies, and termination provisions for both lease and option
11. Notices: Method and addresses for formal communications between parties
12. Governing Law: Specification of Malaysian law as governing law and jurisdiction
1. Utilities and Services: Used when there are specific arrangements for utility payments or service provisions
2. Renovations and Alterations: Include when tenant is permitted to make property modifications
3. Assignment and Subletting: When transfer of rights or subletting might be permitted
4. Property Management: Include for properties within managed complexes or developments
5. GST/Tax Provisions: Required when GST or specific tax arrangements apply
6. Strata Title Provisions: Include for properties under strata management
7. Special Conditions: For any unique requirements specific to the property or parties
1. Property Description: Detailed description of the property including lot number, title details, and address
2. Payment Schedule: Breakdown of rent payments, option fee, purchase price, and payment terms
3. Inventory List: List of fixtures, fittings, and furnishings included in the lease/sale
4. Property Condition Report: Detailed report of property condition at lease commencement
5. Option Exercise Form: Template form for exercising the purchase option
6. House Rules: If applicable, rules and regulations for property use, especially in managed properties
7. Special Terms: Any special terms or conditions agreed between the parties
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