The Lease Agreement Sale Of Property is a specialized legal instrument used in the Indian real estate market when parties wish to enter into a lease arrangement with a future sale component. This document is particularly relevant in situations where a potential buyer wishes to lease a property before completing the purchase, either due to financial considerations or to evaluate the property over a period of time. The agreement must comply with various Indian legislations including the Transfer of Property Act, 1882, Registration Act, 1908, and state-specific property laws. It typically includes detailed provisions about the property, lease terms, sale conditions, payment structures, and the process for converting the lease into a sale. This type of agreement is commonly used in both residential and commercial property transactions, offering flexibility while ensuring legal protection for all parties involved.
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1. Parties: Details of the lessor/owner and lessee/tenant, including names, addresses, and legal status
2. Background: Context of the lease agreement, property ownership history, and purpose of the lease
3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty
4. Property Details: Comprehensive description of the leased property including address, measurements, and boundaries
5. Lease Term: Duration of the lease, commencement date, and termination date
6. Rent and Payment Terms: Rental amount, payment schedule, security deposit, and mode of payment
7. Rights and Obligations: Responsibilities and rights of both lessor and lessee
8. Maintenance and Repairs: Responsibilities for property maintenance, repairs, and improvements
9. Insurance and Taxes: Requirements for property insurance and payment of applicable taxes
10. Termination: Conditions and process for early termination of the lease
11. Governing Law: Applicable laws and jurisdiction governing the agreement
12. Dispute Resolution: Process for resolving disputes between parties
13. Notices: Method and addresses for serving legal notices
14. Execution: Signing and witnessing requirements
1. Subletting: Include when subletting is permitted, specifying conditions and restrictions
2. Utilities: Include when there are specific arrangements for utility payments and connections
3. Alterations and Improvements: Include when tenant is allowed to make modifications to the property
4. Force Majeure: Include when parties want to address unforeseen circumstances affecting lease obligations
5. Assignment: Include when transfer of lease rights to third parties is permitted
6. Environmental Compliance: Include for commercial properties or when environmental regulations apply
7. Right of First Refusal: Include if tenant is given priority right to purchase the property
1. Property Description Schedule: Detailed property specifications, floor plans, and boundaries
2. Inventory Schedule: List of fixtures, fittings, and furniture included in the lease
3. Rent Payment Schedule: Detailed breakdown of rent payments, escalations, and due dates
4. Maintenance Schedule: Specific maintenance responsibilities and schedules for both parties
5. Property Inspection Report: Condition of property at the time of lease commencement
6. Compliance Certificates: Copies of necessary permits, certificates, and compliance documents
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