Document background
The Lease Agreement With Option to Buy is a specialized legal instrument used when a property owner wishes to lease their property while giving the tenant the exclusive right to purchase it within a specified timeframe. This document is particularly useful in situations where potential buyers need time to arrange financing, improve their credit, or test the property before committing to a purchase. It provides protection for both parties under Canadian law, with the landlord receiving regular rental income while maintaining a potential buyer, and the tenant having the opportunity to occupy the property while securing the right to purchase it. The agreement must comply with provincial property laws and typically includes detailed terms about lease conditions, purchase price determination, option exercise procedures, and the rights and obligations of all parties involved. This type of agreement is commonly used in both residential and commercial property transactions across Canada, requiring careful attention to provincial variations in property law and tenant rights.
