The Residential Lease Agreement With Option To Purchase is designed for use in Ireland when a property owner wishes to lease their residential property while also granting the tenant an option to purchase it in the future. This arrangement is particularly useful for tenants who want to eventually buy but need time to arrange financing or are not yet ready to commit to a purchase. The document must comply with Irish residential tenancy laws and property transfer regulations, making it suitable for both short-term occupancy and long-term property acquisition. It includes detailed provisions for the lease period, including rent, maintenance, and standard tenancy terms, as well as specific conditions for exercising the purchase option, such as the purchase price or calculation method, option period, and exercise procedures. This type of agreement requires careful consideration of both landlord-tenant law and property sale regulations to ensure all aspects are legally enforceable.
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1. Parties: Identification of the landlord/seller and tenant/potential buyer with full legal names and addresses
2. Background: Context of the agreement, including property details and intention to grant both a lease and purchase option
3. Definitions: Definitions of key terms used throughout the agreement, including specific terms related to both lease and purchase options
4. Term of Lease: Duration of the lease, including start date, end date, and any renewal provisions
5. Rent and Payment Terms: Rental amount, payment schedule, deposit requirements, and any rent review provisions
6. Utility and Service Charges: Responsibilities for utilities, service charges, and other ongoing costs
7. Use and Occupation: Permitted use of the property, occupancy limits, and restrictions
8. Maintenance and Repairs: Responsibilities for property maintenance, repairs, and improvements
9. Insurance Requirements: Insurance obligations for both parties
10. Option to Purchase: Terms of the purchase option, including purchase price or pricing mechanism
11. Exercise of Option: Process and requirements for exercising the purchase option
12. Termination: Conditions and procedures for termination of both lease and purchase option
13. Notices: Requirements for formal communications between parties
14. Governing Law: Confirmation of Irish law governance and jurisdiction
1. Rent Credit Towards Purchase: Include when a portion of rent payments will be credited towards the purchase price
2. Property Management: Include when a property management company is involved
3. Assignment and Subletting: Include when these rights are to be specifically granted or prohibited
4. Alterations and Improvements: Include when tenant is permitted to make specific modifications
5. Break Clause: Include when early termination options are to be provided
6. Right of First Refusal: Include when tenant has rights if landlord receives third-party purchase offers
7. Mortgage Contingency: Include when purchase option exercise is contingent on mortgage approval
1. Schedule 1 - Property Description: Detailed description of the property, including boundaries and included fixtures
2. Schedule 2 - Inventory: List of furniture, appliances, and other items included in the lease
3. Schedule 3 - Purchase Price Calculation: Formula or mechanism for determining the purchase price
4. Schedule 4 - Property Condition Report: Detailed report on property condition at lease commencement
5. Schedule 5 - Special Conditions: Any special terms or conditions applying to the lease or purchase option
6. Appendix A - Required Maintenance Schedule: Detailed maintenance responsibilities and schedules
7. Appendix B - Property Plans: Floor plans, property boundaries, and relevant drawings
8. Appendix C - Energy Performance Certificate: Current energy performance certificate for the property
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