The Lease With Option To Purchase Agreement is a specialized legal instrument used in Canadian real estate transactions where parties wish to combine a traditional lease with a future purchase option. This document is particularly suitable when a potential buyer needs or wishes to occupy the property before purchase, whether due to financial timing, market conditions, or strategic planning. It provides detailed terms for both the lease period and the potential purchase, including rent payments, maintenance responsibilities, option exercise procedures, and purchase price calculations. The agreement must comply with various Canadian federal and provincial regulations, including property law, tenant rights, and real estate transaction requirements. It's commonly used in both residential and commercial contexts, offering flexibility while protecting the interests of both the landlord/seller and tenant/buyer through clear terms and conditions.
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1. Parties: Identification of the landlord/seller and tenant/buyer, including full legal names and addresses
2. Background: Context of the agreement, including property details and intention to combine lease with purchase option
3. Definitions: Key terms used throughout the agreement, including specific financial and property-related terminology
4. Lease Terms: Duration of lease, rent amount, payment terms, and standard lease obligations
5. Property Use and Maintenance: Permitted use of property, maintenance responsibilities, and property condition requirements
6. Option to Purchase: Terms of the purchase option, including duration and method of exercise
7. Purchase Price and Terms: Agreed purchase price, any rent credit arrangements, and payment terms upon exercise of option
8. Exercise of Option: Process and requirements for exercising the purchase option, including notice requirements
9. Title and Property Condition: Warranties regarding property title and condition requirements for purchase
10. Default and Remedies: Consequences of default under either lease or purchase provisions
11. Insurance and Risk: Required insurance coverage and allocation of risk during lease period
12. Assignment and Subletting: Restrictions and conditions for transferring lease or purchase rights
13. Notices: Methods and addresses for formal communications between parties
14. General Provisions: Standard contract clauses including governing law, amendments, and severability
1. Rent Credit Towards Purchase: Details of how rental payments may be credited toward purchase price, used when parties agree to apply portion of rent to purchase
2. Property Improvements: Terms regarding tenant improvements and their impact on purchase price, included when improvements are anticipated
3. Third-Party Financing: Provisions relating to obtaining mortgage financing, included when buyer requires financing conditions
4. Early Purchase Option: Terms for exercising purchase option before end of lease term, included when early purchase is permitted
5. Property Management: Special provisions for property management during lease term, used for complex properties
6. Environmental Conditions: Special provisions regarding environmental issues, included for commercial or industrial properties
7. Co-signer Provisions: Terms relating to co-signers or guarantors, included when financial guarantees are required
1. Schedule A - Property Description: Legal description and details of the property including boundaries and included fixtures
2. Schedule B - Rent Payment Schedule: Detailed breakdown of rent payments, including any escalation clauses
3. Schedule C - Purchase Price Calculation: Formula for final purchase price including rent credits and adjustments
4. Schedule D - Property Condition Report: Initial condition assessment and documentation of the property
5. Schedule E - Permitted Improvements: List of approved improvements tenant may make to property
6. Schedule F - Insurance Requirements: Detailed insurance requirements for both lease and purchase phases
7. Appendix 1 - Option Exercise Form: Standard form for exercising purchase option
8. Appendix 2 - Property Rules and Regulations: Specific rules governing property use during lease period
Relevant legal definitions
Agreement
Base Rent
Business Day
Closing Date
Common Areas
Commencement Date
Default
Deposit
Effective Date
Exercise Notice
Exercise Period
Expiry Date
Fair Market Value
Fixtures
Force Majeure
Improvements
Initial Term
Insurance Requirements
Landlord/Seller
Lease Period
Lease Term
Legal Description
Notice
Option Deposit
Option Exercise Date
Option Period
Option Price
Option to Purchase
Permitted Use
Premises
Property
Purchase Price
Rent
Rent Credit
Security Deposit
Substantial Damage
Tenant/Buyer
Term
Title
Transfer
Utilities
Base Rent
Business Day
Closing Date
Common Areas
Commencement Date
Default
Deposit
Effective Date
Exercise Notice
Exercise Period
Expiry Date
Fair Market Value
Fixtures
Force Majeure
Improvements
Initial Term
Insurance Requirements
Landlord/Seller
Lease Period
Lease Term
Legal Description
Notice
Option Deposit
Option Exercise Date
Option Period
Option Price
Option to Purchase
Permitted Use
Premises
Property
Purchase Price
Rent
Rent Credit
Security Deposit
Substantial Damage
Tenant/Buyer
Term
Title
Transfer
Utilities
Clauses
Rent and Payment
Property Use
Option to Purchase
Purchase Price
Property Maintenance
Insurance
Default and Remedies
Assignment and Subletting
Representations and Warranties
Title and Conveyance
Deposit and Security
Utilities and Services
Property Access
Alterations and Improvements
Environmental Compliance
Force Majeure
Indemnification
Dispute Resolution
Termination
Notices
Governing Law
Entire Agreement
Severability
Amendment
Waiver
Time of Essence
Registration
Survival
Assignment
Successors and Assigns
Property Use
Option to Purchase
Purchase Price
Property Maintenance
Insurance
Default and Remedies
Assignment and Subletting
Representations and Warranties
Title and Conveyance
Deposit and Security
Utilities and Services
Property Access
Alterations and Improvements
Environmental Compliance
Force Majeure
Indemnification
Dispute Resolution
Termination
Notices
Governing Law
Entire Agreement
Severability
Amendment
Waiver
Time of Essence
Registration
Survival
Assignment
Successors and Assigns
Relevant Industries
Real Estate
Residential Property
Commercial Property
Industrial Property
Retail
Agriculture
Professional Services
Legal Services
Financial Services
Insurance
Property Management
Relevant Teams
Legal
Real Estate
Property Management
Operations
Risk Management
Compliance
Asset Management
Investment
Contract Administration
Transaction Management
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Commercial Lease Administrator
Legal Counsel
Risk Manager
Contract Administrator
Real Estate Investment Manager
Property Development Manager
Asset Manager
Lease Coordinator
Transaction Manager
Compliance Officer
Real Estate Operations Director
Portfolio Manager
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