The Lease Agreement With Option to Purchase is a specialized legal document used in Australian property transactions where the parties wish to combine a lease arrangement with a future purchase opportunity. This arrangement is particularly suitable for tenants who need time to arrange financing or assess the property's suitability for long-term ownership, or for property owners who want to secure a potential buyer while generating rental income. The document must comply with Australian property law, including state-specific regulations, and typically includes detailed provisions for both the lease period (rent, maintenance, utilities) and the purchase option (option price, exercise period, completion requirements). It's commonly used in both residential and commercial contexts, requiring careful consideration of various factors including property valuation, market conditions, and financing arrangements.
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1. Parties: Identification of the lessor/vendor and lessee/purchaser with full legal names and addresses
2. Background: Context of the agreement, including property details and intent to lease with future purchase option
3. Definitions: Key terms used throughout the agreement, including property description, lease period, option period, and purchase price mechanisms
4. Lease Terms: Core lease provisions including rent, term, maintenance, utilities, and other standard tenancy obligations
5. Option to Purchase: Terms of the purchase option, including option period, exercise process, and purchase price determination
6. Exercise of Option: Procedure for exercising the option, including notice requirements and timeframes
7. Purchase Price and Payment: Agreed purchase price or calculation method, deposit requirements, and payment terms
8. Property Condition: State of the property, maintenance responsibilities, and condition requirements for purchase
9. Insurance and Risk: Insurance requirements during lease period and transition of risk upon purchase
10. Default and Termination: Consequences of default under either lease or option terms, and termination provisions
11. Completion of Purchase: Settlement procedures, documentation requirements, and timing for purchase completion
12. General Provisions: Standard contract clauses including governing law, notices, and dispute resolution
1. Rent Credit Towards Purchase: Optional provision where portion of rent payments are credited towards purchase price if option is exercised
2. Property Improvements: Terms regarding tenant improvements and their impact on purchase price, used when improvements are likely
3. Assignment and Subletting: Provisions for transferring lease or option rights, if permitted
4. Financing Contingencies: Conditions related to purchaser's financing requirements, used when relevant
5. Property Management: Additional terms for property management during lease period, useful for commercial properties
6. Environmental Matters: Special provisions for environmental issues, important for commercial or industrial properties
7. Option Extension: Terms for extending the option period, if this flexibility is desired
1. Schedule A - Property Description: Detailed legal description of the property including title details and any exclusions
2. Schedule B - Rent Schedule: Detailed breakdown of rent payments, including any scheduled increases
3. Schedule C - Purchase Price Calculation: Formula or method for determining final purchase price, including any adjustments
4. Schedule D - Property Inventory: List of fixtures, fittings, and items included/excluded from lease and sale
5. Schedule E - Special Conditions: Any unique terms or conditions specific to the property or parties
6. Appendix 1 - Property Plans: Floor plans, site plans, and other relevant property drawings
7. Appendix 2 - Condition Report: Initial property condition report with photographs
8. Appendix 3 - Required Forms: Statutory forms required by relevant state/territory legislation
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Relevant Industries
Real Estate
Property Development
Commercial Property
Residential Property
Retail
Industrial
Agriculture
Hospitality
Professional Services
Small Business
Relevant Teams
Legal
Real Estate
Property Management
Operations
Compliance
Risk Management
Facilities Management
Asset Management
Contract Administration
Property Development
Relevant Roles
Property Manager
Real Estate Agent
Legal Counsel
Property Lawyer
Contract Administrator
Lease Administrator
Asset Manager
Commercial Property Manager
Real Estate Development Manager
Facilities Manager
Property Operations Director
Real Estate Investment Manager
Legal Operations Manager
Compliance Officer
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