The Lease Agreement For Sale is a specialized legal instrument used in South African property transactions where the parties wish to combine a rental arrangement with a future purchase option. This document is particularly useful in situations where a potential buyer wishes to occupy the property immediately but needs time to arrange financing or prefers to phase the purchase. The agreement must comply with South African property law, including the Rental Housing Act 50 of 1999 and the Alienation of Land Act 68 of 1981. It typically includes detailed provisions about rental payments, purchase price determination, option exercise periods, and how rental payments may be credited toward the eventual purchase price. This type of agreement provides flexibility for both parties while ensuring legal protection throughout both the rental phase and the potential sale transaction.
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1. Parties: Identification and details of the Seller/Lessor and Buyer/Lessee
2. Background: Context of the agreement, including property details and intention to combine lease with future purchase
3. Definitions and Interpretation: Key terms used in the agreement and rules for interpretation
4. Property Description: Detailed description of the property including physical address, erf number, and size
5. Lease Terms: Duration of lease, rental amounts, payment terms, and escalation rates
6. Purchase Option Terms: Purchase price, exercise period, and conditions for exercising the purchase option
7. Rental Payments and Credits: Details of rental payments and portion to be credited towards purchase price
8. Property Maintenance and Repairs: Responsibilities for maintenance, repairs, and improvements during lease period
9. Insurance and Risk: Requirements for insurance and allocation of risk during lease period
10. Property Transfer Provisions: Process and requirements for eventual transfer of property
11. Default and Remedies: Consequences of default under either lease or purchase provisions
12. Notices and Domicilia: Communication requirements and official addresses for notices
13. General Terms: Standard contractual provisions including entire agreement, variation, and governing law
14. Signature: Execution provisions and signature blocks
1. Special Conditions: Any unique terms specific to this transaction, used when standard terms need modification
2. Occupancy Restrictions: Specific rules about property usage, included when there are body corporate rules or special restrictions
3. Property Manager: Details of appointed property manager, included when property management is outsourced
4. Tenant Improvements: Terms regarding permitted improvements by tenant, included when renovations are contemplated
5. Municipal Services: Specific provisions about utilities and municipal services, included when these need special attention
6. Option Deposit: Terms for option deposit if required, included when separate option fee is charged
1. Schedule A - Property Description: Detailed technical description of property including diagrams and specifications
2. Schedule B - Rental Payment Schedule: Detailed breakdown of rental payments, escalations, and purchase price credits
3. Schedule C - Property Condition Report: Detailed report on property condition at commencement of lease
4. Schedule D - Rules and Regulations: Any applicable body corporate or complex rules
5. Schedule E - Maintenance Schedule: Detailed breakdown of maintenance responsibilities
6. Appendix 1 - Property Photos: Photographic record of property condition
7. Appendix 2 - FICA Documents: Required identification and verification documents
8. Appendix 3 - Certificates: Electrical, gas, electric fence, and other compliance certificates
Relevant legal definitions
Agreement
Property
Commencement Date
Lease Period
Option Period
Purchase Price
Rental Amount
Rental Credit
Lessor
Lessee
Transfer Date
Option Exercise Date
Deposit
Option Deposit
Business Day
Common Areas
Improvements
Legislative Requirements
Municipal Charges
Occupants
Permitted Use
Prime Rate
Property Manager
Registration
Transfer Costs
Utilities
VAT
Rates and Taxes
Material Breach
Occupation Date
Purchase Option
Body Corporate
Exclusive Use Areas
Force Majeure
Maintenance
Operating Costs
Parties
Signature Date
Property
Commencement Date
Lease Period
Option Period
Purchase Price
Rental Amount
Rental Credit
Lessor
Lessee
Transfer Date
Option Exercise Date
Deposit
Option Deposit
Business Day
Common Areas
Improvements
Legislative Requirements
Municipal Charges
Occupants
Permitted Use
Prime Rate
Property Manager
Registration
Transfer Costs
Utilities
VAT
Rates and Taxes
Material Breach
Occupation Date
Purchase Option
Body Corporate
Exclusive Use Areas
Force Majeure
Maintenance
Operating Costs
Parties
Signature Date
Clauses
Rental Terms
Purchase Option
Payment Terms
Property Use
Maintenance and Repairs
Insurance
Property Transfer
Risk and Liability
Default and Termination
Force Majeure
Assignment and Subletting
Inspection Rights
Utilities and Services
Property Management
Alterations and Improvements
Compliance with Laws
Warranties and Representations
Dispute Resolution
Governing Law
Notices
Costs and Taxes
Registration
Indemnification
Breach Provisions
Good Faith
Severability
Entire Agreement
Variation
Waiver
Confidentiality
Force and Effect
Purchase Option
Payment Terms
Property Use
Maintenance and Repairs
Insurance
Property Transfer
Risk and Liability
Default and Termination
Force Majeure
Assignment and Subletting
Inspection Rights
Utilities and Services
Property Management
Alterations and Improvements
Compliance with Laws
Warranties and Representations
Dispute Resolution
Governing Law
Notices
Costs and Taxes
Registration
Indemnification
Breach Provisions
Good Faith
Severability
Entire Agreement
Variation
Waiver
Confidentiality
Force and Effect
Relevant Industries
Real Estate
Property Development
Residential Property
Commercial Property
Property Management
Legal Services
Financial Services
Construction
Property Investment
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Risk Management
Operations
Finance
Administrative
Investment
Asset Management
Relevant Roles
Property Lawyer
Real Estate Agent
Property Manager
Legal Counsel
Contract Manager
Property Developer
Investment Manager
Real Estate Investment Officer
Compliance Officer
Property Portfolio Manager
Leasing Manager
Real Estate Broker
Property Administrator
Risk Manager
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