The Lease Agreement With Option To Purchase is a sophisticated legal instrument used in the Philippines when parties wish to combine a property lease with a potential future sale. This document is particularly valuable when tenants need immediate occupancy while securing the right to purchase the property later, or when owners want to gauge tenant suitability before a permanent sale. It provides flexibility by allowing the lessee to test the property's suitability while maintaining the right to purchase, and gives the lessor assurance of ongoing rental income with a potential sale. The agreement must comply with Philippine property laws, including the Civil Code, Maceda Law for residential properties, and local government regulations. It's commonly used in both commercial and residential contexts, requiring careful attention to both lease terms and purchase option conditions to protect all parties' interests.
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1. Parties: Identifies and provides full details of the Lessor/Seller and Lessee/Potential Buyer
2. Background: Explains the context of the agreement, including property ownership and parties' intentions regarding lease and potential purchase
3. Definitions: Defines key terms used throughout the agreement
4. Property Description: Detailed description of the leased property including exact location and boundaries
5. Lease Terms: Core lease provisions including duration, rent amount, payment terms, and due dates
6. Option to Purchase: Terms of the purchase option including purchase price, option period, and exercise mechanism
7. Security Deposit: Details of security deposit amount, terms of holding, and conditions for return
8. Utilities and Maintenance: Responsibilities for utilities, repairs, and maintenance during the lease period
9. Insurance and Property Taxes: Requirements for insurance coverage and responsibility for property taxes
10. Use of Property: Permitted and prohibited uses of the property
11. Default and Remedies: Consequences of default by either party and available remedies
12. Termination: Conditions and procedures for terminating the agreement
13. Governing Law: Specifies Philippine law as governing law and jurisdiction
14. Execution: Signature blocks and execution requirements
1. Assignment and Subletting: Include when transfer rights need to be addressed or restricted
2. Property Management: Include for properties within managed complexes or buildings
3. Improvements and Alterations: Include when significant modifications to the property are anticipated
4. Environmental Matters: Include for industrial or commercial properties with potential environmental concerns
5. Right of First Refusal: Include if giving additional purchase rights beyond the option
6. Broker Provisions: Include if real estate brokers are involved in the transaction
7. Force Majeure: Include specific provisions for unforeseen events affecting property use
8. Homeowners Association: Include if property is subject to HOA rules and regulations
1. Schedule A - Property Details: Detailed technical description of property including lot number, boundaries, and technical specifications
2. Schedule B - Rent Payment Schedule: Detailed breakdown of rent payments, including escalation if applicable
3. Schedule C - Purchase Price Calculation: Formula or breakdown for determining final purchase price, including any rent credits
4. Schedule D - Property Inventory: List of furnishings or equipment included in the lease/sale if applicable
5. Schedule E - Maintenance Schedule: Detailed breakdown of maintenance responsibilities and schedules
6. Appendix 1 - Property Photos: Photographic documentation of property condition at lease start
7. Appendix 2 - Required Permits: Copies of relevant permits and certificates
8. Appendix 3 - Property Title: Copy of property title and relevant registration documents
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