A Lease Option Agreement is commonly used in New Zealand when parties wish to establish a lease arrangement with a potential future sale. This document type is particularly useful when a potential purchaser wants to secure the right to buy a property while having time to arrange financing, assess the property's suitability, or build up capital. The agreement must comply with New Zealand's property law framework, including the Property Law Act 2007 and Contract and Commercial Law Act 2017. It typically includes detailed provisions for both the lease period and the option to purchase, specifying conditions, timeframes, and price mechanisms. The document is suitable for both commercial and residential properties, providing flexibility for businesses and individuals while ensuring legal protection for all parties involved.
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1. Parties: Identification of the landlord/vendor and tenant/purchaser, including full legal names, addresses, and company details if applicable
2. Background: Context of the agreement, including property details and purpose of the arrangement
3. Definitions: Key terms used throughout the agreement, including Property, Option Period, Exercise Price, Lease Term, etc.
4. Lease Terms: Core lease provisions including term, rent, payment terms, and maintenance obligations
5. Option Grant: Explicit grant of the option to purchase, including the option period and any consideration paid
6. Option Exercise: Process and requirements for exercising the option, including notice requirements and timing
7. Purchase Price: Agreed purchase price or mechanism for determining the price when the option is exercised
8. Property Condition: State of the property, maintenance responsibilities, and condition requirements during the lease and at purchase
9. Default and Termination: Consequences of default under either the lease or option provisions, termination rights
10. Assignment and Subletting: Rights and restrictions regarding transfer of lease or option rights
11. General Provisions: Standard clauses including notices, governing law, dispute resolution, and entire agreement
1. Due Diligence: Optional section for cases where the purchaser requires a due diligence period before exercising the option
2. Deposit Provisions: Required when a deposit is paid for the option, detailing handling and application of deposit
3. Property Development: Include when the tenant/purchaser has rights to develop or modify the property during the lease term
4. GST Provisions: Required when either party is GST-registered or the transaction involves GST
5. Mortgage and Finance: Include when there are existing mortgages or financing requirements that affect the option
6. Body Corporate: Required for properties subject to body corporate rules or unit title provisions
7. Overseas Investment: Required when any party is an overseas person under the Overseas Investment Act
1. Property Schedule: Detailed description of the property including title references, boundaries, and improvements
2. Lease Terms Schedule: Detailed lease provisions including rent reviews, outgoings, and maintenance obligations
3. Option Exercise Notice: Pro-forma notice for exercising the option
4. Calculation of Purchase Price: If applicable, detailed methodology for calculating the final purchase price
5. Permitted Use: Detailed description of permitted uses of the property during the lease term
6. Condition Report: Initial condition report of the property at lease commencement
7. Special Conditions: Any special conditions applying to either the lease or option components
Relevant legal definitions
Agreement
Business Day
Commencement Date
Deposit
Due Diligence Period
Exercise Date
Exercise Notice
Exercise Price
GST
Landlord
Lease
Lease Term
Option
Option Fee
Option Period
Outgoings
Permitted Use
Property
Purchase Price
Rent
Settlement Date
Tenant
Term
Title
Working Day
Improvements
Land
Default Event
Guarantor
Initial Condition Report
Mortgagee
Notice
Parties
Security Deposit
Service Standards
Transfer
Vendor
Business Day
Commencement Date
Deposit
Due Diligence Period
Exercise Date
Exercise Notice
Exercise Price
GST
Landlord
Lease
Lease Term
Option
Option Fee
Option Period
Outgoings
Permitted Use
Property
Purchase Price
Rent
Settlement Date
Tenant
Term
Title
Working Day
Improvements
Land
Default Event
Guarantor
Initial Condition Report
Mortgagee
Notice
Parties
Security Deposit
Service Standards
Transfer
Vendor
Clauses
Grant of Lease
Grant of Option
Rent and Payment
Option Exercise
Purchase Price
Property Condition
Maintenance and Repairs
Insurance
Assignment and Subletting
Default and Termination
Force Majeure
Dispute Resolution
Confidentiality
Notices
Governing Law
Entire Agreement
Severability
Variation
GST
Due Diligence
Property Access
Utilities and Outgoings
Permitted Use
Alterations and Improvements
Title Matters
Settlement
Risk and Possession
Warranties
Indemnification
Registration
Costs
Further Assurance
Grant of Option
Rent and Payment
Option Exercise
Purchase Price
Property Condition
Maintenance and Repairs
Insurance
Assignment and Subletting
Default and Termination
Force Majeure
Dispute Resolution
Confidentiality
Notices
Governing Law
Entire Agreement
Severability
Variation
GST
Due Diligence
Property Access
Utilities and Outgoings
Permitted Use
Alterations and Improvements
Title Matters
Settlement
Risk and Possession
Warranties
Indemnification
Registration
Costs
Further Assurance
Relevant Industries
Real Estate
Commercial Property
Residential Property
Retail
Industrial
Hospitality
Agriculture
Professional Services
Manufacturing
Warehouse and Distribution
Relevant Teams
Legal
Real Estate
Property Management
Operations
Finance
Risk and Compliance
Business Development
Asset Management
Facilities Management
Commercial
Relevant Roles
Property Manager
Real Estate Agent
Commercial Lawyer
Property Lawyer
Business Development Manager
Facility Manager
Asset Manager
Investment Manager
Property Developer
Chief Financial Officer
Legal Counsel
Contract Manager
Lease Administrator
Operations Manager
Risk Manager
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