The Lease Option To Buy Contract is a sophisticated legal instrument used in Malaysian property transactions where parties wish to combine a lease arrangement with a future purchase opportunity. This document is particularly useful when a potential buyer needs time before committing to a purchase, whether for financial planning, due diligence, or other strategic reasons. It provides a structured framework under Malaysian law, incorporating requirements from the National Land Code 1965, Contracts Act 1950, and other relevant legislation. The agreement typically includes detailed provisions for both the lease period (including rent, maintenance, and usage rights) and the purchase option (including price, exercise period, and completion conditions). This type of contract is commonly used in both residential and commercial contexts, offering flexibility while protecting the interests of both property owners and potential buyers.
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1. Parties: Identification of the property owner/lessor and tenant/lessee with full legal names and addresses
2. Background: Context of the agreement including property details and intention to grant both lease and purchase option rights
3. Definitions: Definitions of key terms used throughout the agreement including Property, Option Period, Purchase Price, etc.
4. Lease Terms: Core lease provisions including rent amount, payment terms, duration, and maintenance responsibilities
5. Option Grant: Express grant of the option to purchase and its basic terms
6. Option Period: Duration of the option period and any conditions for extension
7. Exercise of Option: Process and requirements for exercising the purchase option
8. Purchase Price: Agreed purchase price and any adjustments or credits from lease payments
9. Property Condition: Current condition of property and any requirements for maintenance during lease period
10. Insurance and Risk: Insurance requirements and allocation of risk during lease period
11. Default and Remedies: Events of default under both lease and option terms, and corresponding remedies
12. Notices: Requirements for giving valid notices under the agreement
13. Governing Law: Specification of Malaysian law as governing law and jurisdiction
14. Execution: Signature blocks and execution requirements
1. Strata Title Provisions: Required if property is an apartment/condominium, covering body corporate rules and restrictions
2. Tenant Improvements: Include if tenant is permitted to make improvements and details of how these affect purchase price
3. Assignment Rights: Include if either party is permitted to assign their rights under the agreement
4. Property Management: Required for properties in managed communities or with specific maintenance requirements
5. Option Premium: Include if there is a separate payment for the option right
6. Rent Credit: Include if portion of rent payments will be credited toward purchase price
7. Due Diligence: Include if specific due diligence period or requirements are needed before option exercise
1. Property Description: Detailed legal description of property including lot number, title details, and boundaries
2. Payment Schedule: Detailed breakdown of rent payments, due dates, and any rent escalation provisions
3. Condition Report: Detailed report of property condition at lease commencement
4. Option Exercise Notice: Pro-forma notice for exercising the purchase option
5. Permitted Use: Detailed description of permitted use of property during lease period
6. Maintenance Schedule: Detailed breakdown of maintenance responsibilities between parties
7. Insurance Requirements: Specific insurance requirements including types and amounts of coverage required
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