Lease With Option To Buy Contract Template for Philippines

1. Parties: Identifies and provides full details of the Lessor/Potential Seller and Lessee/Potential Buyer

2. Background: Explains the context of the agreement and the parties' intentions regarding the lease and potential purchase

3. Definitions: Defines key terms used throughout the agreement

4. Property Description: Detailed description of the property subject to lease and potential purchase

5. Lease Terms: Specifies the duration of the lease, rental amount, payment terms, and frequency

6. Security Deposit: Details the amount, payment, and conditions for return of the security deposit

7. Option to Purchase: Specifies the terms and conditions of the purchase option, including purchase price and how rental payments may be credited

8. Option Period: Defines the timeframe during which the purchase option can be exercised

9. Exercise of Option: Procedures and requirements for exercising the purchase option

10. Maintenance and Repairs: Responsibilities of each party for property maintenance and repairs

11. Utilities and Expenses: Allocation of responsibility for utilities, taxes, and other expenses

12. Insurance: Required insurance coverage and responsibilities

13. Default and Remedies: Consequences of default under either the lease or purchase option terms

14. Governing Law: Specifies Philippine law as governing law and relevant jurisdictions

15. Notices: Methods and addresses for formal communications between parties

16. General Provisions: Standard contract clauses including severability, entire agreement, and amendments

1. Schedule A - Property Details: Detailed property description, including lot number, boundaries, and technical specifications

2. Schedule B - Rent Payment Schedule: Detailed breakdown of rental payments, due dates, and payment methods

3. Schedule C - Purchase Price Calculation: Formula for determining final purchase price, including any rental credit calculations

4. Schedule D - Property Inventory: List of fixtures, fittings, and contents included in the lease and potential sale

5. Schedule E - Maintenance Schedule: Detailed breakdown of maintenance responsibilities and schedules

6. Appendix 1 - Property Photos: Documentary photographs of the property's condition at lease commencement

7. Appendix 2 - Required Insurance: Detailed insurance requirements and specifications

8. Appendix 3 - Property Rules: Any specific rules or regulations applicable to the property