The Rental Contract With Option To Buy is a specialized agreement used in Malta when parties wish to combine a property rental arrangement with a future purchase opportunity. This document is particularly useful in situations where a potential buyer wishes to occupy and evaluate a property before committing to purchase, or needs time to arrange financing. The agreement must comply with Malta's Private Residential Leases Act for the rental portion and the Promise of Sale Agreement Act for the purchase option. It typically includes comprehensive terms covering rental payments, maintenance responsibilities, option exercise periods, purchase price calculations, and any rent-to-purchase credits. This type of contract is commonly used in both residential and commercial property transactions in Malta and must be registered with relevant authorities according to local law requirements.
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1. Parties: Identification of the lessor/potential seller and lessee/potential buyer with full legal details
2. Background: Context of the agreement including property details and parties' intentions regarding rental and potential purchase
3. Definitions: Key terms used throughout the agreement including Property, Lease Period, Option Period, Purchase Price, etc.
4. Lease Terms: Core rental provisions including duration, rent amount, payment terms, and utilities
5. Property Use and Maintenance: Rights and obligations regarding property use, repairs, and maintenance during the rental period
6. Option to Purchase: Terms of the purchase option including option period, exercise process, and purchase price calculation
7. Exercise of Option: Procedure for exercising the purchase option, including notice requirements and completion timeframes
8. Rent Credit: Details of any rent payments to be credited towards the purchase price if option is exercised
9. Insurance and Risk: Insurance requirements and risk allocation during both rental and option periods
10. Default and Termination: Consequences of default under either rental or option terms, and termination provisions
11. Notices: Process for formal communications between parties
12. Governing Law: Confirmation of Maltese law governance and jurisdiction
1. Property Management: Required if property is part of a managed complex or has shared facilities
2. Guarantees: Include if additional security is required from either party
3. Improvements and Alterations: Include if tenant is permitted to make improvements that might affect purchase price
4. Assignment and Subletting: Include if these rights are to be granted or specifically prohibited
5. Environmental Matters: Required for properties with specific environmental considerations or certifications
6. Energy Performance: Include if property requires energy performance certificate under Maltese law
7. Mortgage Provisions: Include if property is mortgaged or if buyer requires financing provisions
1. Property Description: Detailed description of the property including boundaries, fixtures, and fittings
2. Inventory: List of furnishings and items included in the rental and subsequent sale
3. Condition Report: Detailed report of property condition at lease commencement
4. Rental Payment Schedule: Breakdown of rental payments, due dates, and payment methods
5. Purchase Price Calculation: Formula or method for determining final purchase price, including any rent credits
6. Property Plans: Official plans and measurements of the property
7. Required Certificates: Copies of energy performance, safety, and other required certificates
8. House Rules: If applicable, rules of the building or complex
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