The Lease Option (Real Estate) agreement is a sophisticated legal instrument used in the Irish property market when a potential buyer wishes to secure the right to purchase a property while leasing it in the interim. This document type is particularly valuable in situations where immediate purchase isn't feasible or desired, but the party wants to secure future purchase rights while occupying the property. It combines standard lease provisions compliant with Irish tenancy laws with detailed option terms structured under the Land and Conveyancing Law Reform Act 2009. The agreement typically includes provisions for rent payments, maintenance responsibilities, option exercise procedures, and purchase price calculations, making it suitable for both residential and commercial properties in Ireland. This type of agreement requires careful consideration of both landlord-tenant law and property purchase regulations to ensure enforceability and protection of both parties' interests.
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1. Parties: Identification of the property owner (Grantor) and the potential purchaser (Grantee)
2. Background: Context of the agreement, including property details and parties' intentions
3. Definitions: Key terms used throughout the agreement, including Property, Option Period, Purchase Price, and Lease Term
4. Grant of Lease: Terms of the lease including duration, rent, and payment terms
5. Tenant Covenants: Obligations of the tenant during the lease period
6. Landlord Covenants: Obligations of the landlord during the lease period
7. Grant of Option: Terms of the option to purchase, including duration and exercise conditions
8. Option Exercise: Procedure for exercising the option, including notice requirements and timing
9. Purchase Price and Payment: Agreed purchase price, any credits from lease payments, and payment terms
10. Property Condition: State of the property and any warranties or disclaimers
11. Default and Remedies: Consequences of breach by either party
12. Notices: How formal communications between parties should be made
13. Governing Law: Confirmation of Irish law governance and jurisdiction
14. Execution: Signature blocks and execution requirements
1. Mortgage Contingency: Include when the option exercise is contingent on the Grantee obtaining financing
2. Property Management: Include when specific property management arrangements are needed during the lease term
3. Assignment and Subletting: Include when transfer rights need to be addressed specifically
4. Insurance Requirements: Include when specific insurance arrangements beyond standard requirements are needed
5. Option Premium: Include when there is a separate upfront payment for the option rights
6. Rent Credit: Include when a portion of rent payments will be credited toward the purchase price
7. Due Diligence Period: Include when the Grantee needs time to investigate the property before finalizing the option terms
1. Schedule 1 - Property Description: Detailed legal description of the property including boundaries and any excluded items
2. Schedule 2 - Rent Schedule: Detailed breakdown of rent payments, including any scheduled increases
3. Schedule 3 - Option Price Calculation: Formula for calculating final purchase price, including any rent credits
4. Schedule 4 - Property Inventory: List of fixtures, fittings, and contents included in the lease and potential sale
5. Schedule 5 - Permitted Uses: Detailed description of how the property may be used during the lease term
6. Appendix A - Property Plans: Maps, floor plans, and relevant property drawings
7. Appendix B - Form of Option Notice: Template for the formal notice to exercise the option
Relevant legal definitions
Agreement
Business Day
Commencement Date
Completion
Deposit
Effective Date
Exercise Notice
Exercise Period
Grantor
Grantee
Landlord
Lease Period
Lease Term
Option
Option Exercise Date
Option Fee
Option Period
Parties
Permitted Use
Property
Purchase Price
Rent
Rent Credit
Schedule of Condition
Service Charges
Tenant
Term
Title Documents
Transfer Date
Utilities
VAT
Working Hours
Business Day
Commencement Date
Completion
Deposit
Effective Date
Exercise Notice
Exercise Period
Grantor
Grantee
Landlord
Lease Period
Lease Term
Option
Option Exercise Date
Option Fee
Option Period
Parties
Permitted Use
Property
Purchase Price
Rent
Rent Credit
Schedule of Condition
Service Charges
Tenant
Term
Title Documents
Transfer Date
Utilities
VAT
Working Hours
Clauses
Property Description
Lease Terms
Rent Payment
Option Grant
Option Exercise
Purchase Terms
Property Maintenance
Insurance
Default and Remedies
Assignment and Subletting
Utilities and Services
Property Access
Alterations and Improvements
Compliance with Laws
Termination
Force Majeure
Notices
Representations and Warranties
Title Matters
Environmental Compliance
Planning and Zoning
Dispute Resolution
Governing Law
Entire Agreement
Severability
Registration
Stamp Duty
VAT
Costs and Expenses
Lease Terms
Rent Payment
Option Grant
Option Exercise
Purchase Terms
Property Maintenance
Insurance
Default and Remedies
Assignment and Subletting
Utilities and Services
Property Access
Alterations and Improvements
Compliance with Laws
Termination
Force Majeure
Notices
Representations and Warranties
Title Matters
Environmental Compliance
Planning and Zoning
Dispute Resolution
Governing Law
Entire Agreement
Severability
Registration
Stamp Duty
VAT
Costs and Expenses
Relevant Industries
Real Estate
Property Development
Commercial Property
Residential Property
Legal Services
Property Investment
Property Management
Banking and Finance
Relevant Teams
Legal
Real Estate
Property Management
Contract Administration
Investment
Operations
Risk Management
Facilities
Finance
Compliance
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Legal Counsel
Property Developer
Investment Manager
Lease Administrator
Contract Manager
Real Estate Investment Director
Property Portfolio Manager
Conveyancing Solicitor
Commercial Property Director
Real Estate Transaction Manager
Legal Operations Manager
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