Document background
The Lease Option Agreement is a strategic legal instrument used in the Irish property market when a potential buyer wishes to secure the right to purchase a property while leasing it initially. This arrangement is particularly valuable in situations where immediate purchase isn't feasible or desirable, such as when a business wants to test a location before committing to purchase, or when a buyer needs time to arrange financing. The document combines standard lease provisions with detailed option terms, ensuring compliance with Irish property law and conveyancing requirements. It typically includes comprehensive details about the property, lease terms, option exercise period, purchase price mechanism, and conditions for both the lease and potential sale. This type of agreement offers flexibility while protecting both parties' interests, making it popular in both commercial and residential property transactions in Ireland.
