The Lease With Option To Buy agreement is commonly used in Australian property transactions where a potential buyer wishes to lease a property while securing the right to purchase it in the future. This arrangement benefits buyers who need time to arrange financing or want to test the property before committing to purchase, while giving property owners a committed tenant with a potential sale. The document must comply with Australian state and federal laws regarding property transactions, residential tenancies, and contract law. It includes detailed provisions for both the lease period (including rent, maintenance, and tenant obligations) and the purchase option (including price, exercise period, and conditions). This agreement type is particularly useful in situations where immediate purchase isn't feasible but both parties want to secure future purchase rights.
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1. Parties: Identification of the landlord/seller and tenant/buyer, including full legal names and contact details
2. Background: Context of the agreement, including property details and intention to lease with future purchase option
3. Definitions: Key terms used throughout the agreement including Property, Option Period, Purchase Price, Lease Term
4. Lease Terms: Core lease provisions including rent, term, commencement date, and payment terms
5. Tenant Obligations: Responsibilities of the tenant during the lease period including maintenance, repairs, and permitted use
6. Landlord Obligations: Responsibilities of the landlord during the lease period including property maintenance and insurance
7. Option to Purchase: Terms of the purchase option including option fee, exercise period, and purchase price calculation
8. Exercise of Option: Process and requirements for exercising the purchase option
9. Purchase Terms: Terms that will apply if the option is exercised, including settlement period and conditions
10. Default and Termination: Consequences of default under either lease or option terms, and termination provisions
11. Insurance and Risk: Insurance requirements and risk allocation during lease period and after option exercise
12. General Provisions: Standard contract clauses including notices, governing law, and dispute resolution
1. Property Management: Detailed property management arrangements if professional management is involved
2. Rent to Purchase Credits: Include when portion of rent payments will be credited toward purchase price
3. Mortgage Contingency: Include when purchase option exercise is contingent on buyer obtaining financing
4. Property Improvements: Include when tenant is permitted to make improvements that affect purchase price
5. Assignment and Subletting: Include when these rights are to be granted to tenant
6. First Right of Refusal: Include when tenant has rights to match third-party offers during option period
7. Foreign Investment Provisions: Include when buyer is a foreign person under FIRB regulations
1. Schedule 1 - Property Details: Detailed description of property including title details, inclusions and exclusions
2. Schedule 2 - Lease Payment Terms: Rent amount, payment schedule, rent reviews, and any rent-to-purchase credits
3. Schedule 3 - Option Terms: Option fee, purchase price calculation method, and exercise requirements
4. Schedule 4 - Property Condition Report: Detailed report of property condition at lease commencement
5. Schedule 5 - Permitted Use: Specified permitted uses of the property during lease term
6. Appendix A - Property Plans: Floor plans, site plans, and any relevant property drawings
7. Appendix B - Special Conditions: Any special conditions applying to lease or purchase option
Relevant legal definitions
Agreement
Approved Use
Bank Guarantee
Business Day
Commencement Date
Common Areas
Default Interest Rate
Default Notice
Exercise Notice
Exercise Period
Expiry Date
Force Majeure Event
GST
Improvements
Initial Term
Insurance Requirements
Land
Landlord
Lease
Lease Period
Option
Option Exercise Date
Option Fee
Option Period
Outgoings
Permitted Use
Premises
Property
Purchase Price
Purchase Settlement Date
Rates and Taxes
Rent
Rent Review Date
Security Deposit
Settlement
Tenant
Term
Title Documents
Transfer Date
Utilities
Approved Use
Bank Guarantee
Business Day
Commencement Date
Common Areas
Default Interest Rate
Default Notice
Exercise Notice
Exercise Period
Expiry Date
Force Majeure Event
GST
Improvements
Initial Term
Insurance Requirements
Land
Landlord
Lease
Lease Period
Option
Option Exercise Date
Option Fee
Option Period
Outgoings
Permitted Use
Premises
Property
Purchase Price
Purchase Settlement Date
Rates and Taxes
Rent
Rent Review Date
Security Deposit
Settlement
Tenant
Term
Title Documents
Transfer Date
Utilities
Clauses
Lease Terms
Rental Payments
Security Deposit
Option to Purchase
Purchase Price
Property Usage
Maintenance and Repairs
Insurance
Property Access
Utilities and Outgoings
Assignment and Subletting
Default and Remedies
Termination
Property Condition
Improvements
Risk and Liability
Force Majeure
Dispute Resolution
Notices
Costs and Expenses
Compliance with Laws
Representations and Warranties
Indemnification
Quiet Enjoyment
Registration
Stamp Duty
GST
Severability
Governing Law
Entire Agreement
Property Management
Environmental Matters
Rental Payments
Security Deposit
Option to Purchase
Purchase Price
Property Usage
Maintenance and Repairs
Insurance
Property Access
Utilities and Outgoings
Assignment and Subletting
Default and Remedies
Termination
Property Condition
Improvements
Risk and Liability
Force Majeure
Dispute Resolution
Notices
Costs and Expenses
Compliance with Laws
Representations and Warranties
Indemnification
Quiet Enjoyment
Registration
Stamp Duty
GST
Severability
Governing Law
Entire Agreement
Property Management
Environmental Matters
Relevant Industries
Real Estate
Property Development
Residential Property
Commercial Property
Agricultural Property
Retail Property
Industrial Property
Property Investment
Banking and Finance
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Risk Management
Operations
Finance
Commercial
Acquisitions
Asset Management
Relevant Roles
Property Lawyer
Real Estate Agent
Property Manager
Legal Counsel
Contract Administrator
Real Estate Development Manager
Property Investment Manager
Leasing Manager
Asset Manager
Commercial Property Manager
Acquisitions Manager
Property Portfolio Manager
Risk Manager
Compliance Officer
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