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Lease With Option To Buy
"I need a Lease with Option to Buy agreement for a residential villa in Dubai Marina, with a 2-year initial lease term starting March 1, 2025, and an option to purchase the property at a fixed price of AED 5.5 million anytime during the lease period."
1. Parties: Identification of the landlord/seller and tenant/potential buyer, including full legal names, Emirates ID numbers, and contact details
2. Background: Context of the agreement, including property details and the parties' intention to enter into a lease with an option to purchase
3. Definitions: Key terms used throughout the agreement, including Property, Option Period, Purchase Price, and other relevant definitions
4. Lease Terms: Duration of lease, rent amount, payment terms, and renewal provisions
5. Property Usage: Permitted use of property, maintenance responsibilities, and occupancy rules
6. Option to Purchase: Terms of the purchase option, including option price, exercise period, and mechanism for exercising the option
7. Purchase Price and Payment: Agreed purchase price if option is exercised, payment structure, and credit of rental payments if applicable
8. Property Condition: Current condition of property, required maintenance, and condition requirements for purchase option
9. Insurance and Risk: Insurance requirements during lease period and responsibility for damage or loss
10. Default and Remedies: Events of default under lease or option, and available remedies for both parties
11. Termination: Conditions for termination of lease and/or option, and consequences of termination
12. Governing Law and Jurisdiction: Application of UAE law and jurisdiction for dispute resolution
1. Property Management: Required when property is part of a managed community, detailing service charges and community rules
2. Mortgage Provisions: Required when property has an existing mortgage, detailing arrangements for discharge upon purchase
3. Agent Provisions: Required when real estate agents are involved, detailing their roles and commissions
4. Improvements and Alterations: Optional section detailing tenant's rights to make improvements and their treatment upon purchase
5. Sub-letting: Optional section if sub-letting is to be permitted during the lease period
6. Early Purchase Option: Optional section detailing conditions for early exercise of purchase option
7. RERA Registration: Required for properties in Dubai, detailing registration requirements with Real Estate Regulatory Agency
1. Property Description: Detailed description of property including address, size, features, and included fixtures/fittings
2. Rent Payment Schedule: Detailed breakdown of rent payments, due dates, and payment methods
3. Property Condition Report: Detailed report of property condition at lease commencement
4. Option Exercise Notice: Template form for exercising the purchase option
5. Purchase Price Calculation: Breakdown of purchase price including any rent credit calculations
6. Required Maintenance Schedule: List of maintenance responsibilities for both parties
7. Property Title Documents: Copies of relevant title documents and certificates
8. RERA Permits: Copies of required RERA permits and registrations
Authors
Property
Commencement Date
Lease Term
Rent
Security Deposit
Option Period
Option Fee
Purchase Price
Exercise Notice
Completion Date
Lease Year
Permitted Use
Service Charges
Common Areas
Maintenance Charges
RERA
Emirates ID
Title Deed
Fixtures
Force Majeure
Business Day
Valuation Report
Landlord
Tenant
Building
Governing Law
Payment Date
Registration Fee
Maintenance Obligations
Insurance Requirements
Property Manager
Notice
Default Event
Renewal Term
Utility Charges
Building Rules
Option Exercise Date
Purchase Deposit
Transfer Date
Completion Payment
Handover Protocol
Maintenance Standards
Occupancy Certificate
Termination Date
Lease Grant
Rent Payment
Security Deposit
Option to Purchase
Purchase Price
Property Use
Maintenance and Repair
Insurance
Utilities and Services
Assignment and Subletting
Alterations
Access Rights
Property Condition
Default and Remedies
Force Majeure
Termination
Registration
Notices
Governing Law
Dispute Resolution
Entire Agreement
Severability
Compliance with Laws
Indemnification
Property Management
Option Exercise
Title Transfer
Representations and Warranties
Costs and Expenses
Confidentiality
Property Inspection
Risk and Liability
Environmental Compliance
Health and Safety
Real Estate
Property Development
Banking and Finance
Legal Services
Property Management
Construction
Residential Housing
Commercial Property
Retail
Industrial Property
Legal
Real Estate
Compliance
Finance
Operations
Risk Management
Facilities Management
Business Development
Commercial
Property Management
Real Estate Manager
Property Developer
Legal Counsel
Contracts Manager
Real Estate Agent
Property Manager
Compliance Officer
Finance Director
Investment Manager
Facilities Manager
Business Development Manager
Risk Manager
Commercial Director
Operations Manager
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