Lease Option Agreement

Lease Option Agreement Template for Singapore

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Key Requirements PROMPT example:

"I need a Lease Option Agreement for a commercial property in Singapore CBD, with a 2-year lease term starting March 2025 and an option to purchase the property at a fixed price of SGD 5.2 million within the first 18 months of the lease."

What is a Lease Option Agreement?

The Lease Option Agreement is commonly used in Singapore's real estate market when a potential buyer/tenant wants to secure the right to lease a property while maintaining the flexibility to purchase it later. This document is particularly relevant in situations where immediate purchase isn't feasible or desired, but the party wants to lock in the future purchase price and terms. The agreement must comply with Singapore's property laws and typically includes details about the option fee, exercise period, purchase price, property condition, and any specific conditions that must be met. Lease Option Agreements are especially useful in Singapore's dynamic property market, where property values can fluctuate significantly.

What sections should be included in a Lease Option Agreement?

1. Parties: Identification of option grantor and grantee

2. Background: Context of the agreement and property details

3. Definitions: Key terms used throughout the agreement

4. Grant of Option: Terms of the option grant including duration and conditions

5. Option Fee: Amount and payment terms of the option fee

6. Exercise of Option: Process and requirements for exercising the option

7. Purchase Price: Agreed purchase price and payment terms

8. Property Condition: State and condition of the property

9. Termination: Circumstances and process for termination

What sections are optional to include in a Lease Option Agreement?

1. Due Diligence: Property inspection and verification rights - used for commercial properties or high-value transactions

2. Tenant Obligations: Specific obligations when the option includes a lease component - used when combined with tenancy agreement

3. Foreign Ownership: Additional requirements for foreign buyers - used when grantee is a foreign person/entity

4. HDB Compliance: Specific HDB requirements and restrictions - used for HDB properties

What schedules should be included in a Lease Option Agreement?

1. Property Details Schedule: Detailed description of property including floor plan and specifications

2. Option Exercise Form: Template form for exercising the option

3. Payment Schedule: Detailed breakdown of payment terms and timeline

4. Property Title Documents: Copies of relevant title documents

5. Due Diligence Reports: Property inspection and verification reports if applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate
Commercial Property
Residential Property
Property Investment

Relevant Teams

Legal
Real Estate
Finance
Operations
Investment

Relevant Roles

Property Manager
Real Estate Agent
Legal Counsel
Investment Manager
Asset Manager

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Let's create your Lease Option Agreement

What is a Lease Option Agreement?

What sections should be included in a Lease Option Agreement?

What sections are optional to include in a Lease Option Agreement?

What schedules should be included in a Lease Option Agreement?

Authors

Alex Denne

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