Lease Buy Out Agreement Template for Australia

Create a bespoke document in minutes, or upload and review your own.

4.6 / 5

4.8 / 5

Let's create your Lease Buy Out Agreement

1. Select your governing law and document type:

2. Enter your key requirements:

3. Create your document to edit, review or download

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Lease Buy Out Agreement

"I need a Lease Buy Out Agreement for my retail business in Brisbane, where I want to terminate my 5-year lease early by March 2025 due to business relocation, and I'm willing to pay a lump sum buyout."

Document background

The Lease Buy Out Agreement is a crucial document in Australian property law that provides a structured framework for terminating lease arrangements before their scheduled expiration. This document becomes necessary when a tenant needs to exit a lease early and the landlord is willing to accept compensation in exchange for releasing the tenant from their obligations. The agreement is commonly used in both commercial and residential contexts, requiring careful consideration of various Australian federal and state legislation, including the Property Law Act, relevant Retail Leases Acts, and state-specific tenancy laws. The document typically includes detailed provisions for the buyout payment, property handover procedures, mutual releases, and the settlement of any outstanding obligations. It's particularly relevant in situations involving business relocations, downsizing, or changes in commercial circumstances that necessitate early lease termination.

Suggested Sections

1. Parties: Identification of all parties to the agreement, including the current lessor, lessee, and any guarantors

2. Background: Context of the agreement, including details of the existing lease and reason for buyout

3. Definitions: Definitions of key terms used throughout the agreement

4. Lease Termination: Specific terms and effective date of the lease termination

5. Buyout Payment: Details of the buyout amount, payment terms, and method of payment

6. Release and Discharge: Mutual release of obligations under the original lease

7. Property Condition and Handover: Requirements for the condition and return of the leased property

8. Representations and Warranties: Statements of fact and promises made by each party

9. Confidentiality: Obligations regarding the confidentiality of the agreement terms

10. Governing Law: Specification of applicable law and jurisdiction

11. General Provisions: Standard boilerplate clauses including notices, amendments, and entire agreement

Optional Sections

1. Third Party Consents: Required when the buyout needs approval from other parties such as mortgagees or superior landlords

2. Security Deposit: Provisions for handling existing security deposits or bonds

3. Outstanding Obligations: Addressing any pending rent, utilities, or other payments under the original lease

4. Staged Payments: When the buyout payment is to be made in installments rather than a lump sum

5. Tax Provisions: Specific arrangements regarding GST or other tax implications

6. Surviving Obligations: Identification of any lease obligations that survive termination

7. Insurance: Provisions regarding existing insurance policies and requirements

8. Dispute Resolution: Specific procedures for resolving disputes, if not covered in general provisions

Suggested Schedules

1. Schedule 1 - Original Lease Details: Copy or details of the original lease agreement being terminated

2. Schedule 2 - Property Details: Detailed description of the leased property and any included fixtures/fittings

3. Schedule 3 - Payment Schedule: Detailed breakdown of the buyout payment and any installment arrangements

4. Schedule 4 - Handover Requirements: Specific requirements for property condition and handover procedures

5. Schedule 5 - Outstanding Items: List of any outstanding obligations or payments to be settled

6. Appendix A - Condition Report: Current condition report of the property

7. Appendix B - Required Consents: Copies of any third-party consents obtained

8. Appendix C - Settlement Statement: Detailed financial statement showing all calculations and adjustments

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 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

Retail

Commercial Property

Industrial

Residential Property

Healthcare

Education

Hospitality

Manufacturing

Warehousing and Logistics

Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Finance

Risk and Compliance

Property Management

Asset Management

Corporate Services

Contract Administration

Relevant Roles

Property Manager

Real Estate Manager

Facilities Manager

Legal Counsel

Commercial Lease Administrator

Asset Manager

Operations Director

Chief Financial Officer

Tenant Relations Manager

Compliance Officer

Property Portfolio Manager

Real Estate Director

Contract Administrator

Risk Manager

Corporate Real Estate Manager

Find the exact document you need

Contract To Buy A House From Owner

An Australian legal agreement for the direct sale and purchase of residential property between owner and buyer, containing all essential terms and conditions of the transaction.

How Genie AI reduced drafting time by 75% for a legal firm

Let's create your Lease Buy Out Agreement

Authors

Alex Denne

Find the exact document you need

Contract To Buy A House From Owner

For Sale By Owner Purchase Contract

Securities Purchase Agreement

Heavy Equipment Purchase Agreement

Second Hand Car Purchase Agreement

Simple Stock Purchase Agreement

Probate Purchase Agreement

Partnership Purchase Agreement

Non Binding Letter Of Intent To Purchase Product

Letter Of Sales Agreement

Dealer Purchase Agreement

Cross Purchase Agreement

Contract For Selling A Car Privately

Easement Purchase Agreement

Lease Buy Out Agreement

Receivable Purchase Agreement

Conditional Sales Purchase Agreement

Offer To Sell Real Estate Form

Land Offer To Purchase

Vehicle Purchase Contract

Client List Purchase Agreement

Timeshare Purchase Agreement

Lot Purchase Agreement

Lease Purchase Agreement Car

Art Purchase Agreement

Contract Agreement Between Supplier And Purchaser

Real Estate Offer And Acceptance Form

Non Binding Purchase Agreement

Model Stock Purchase Agreement

Co Purchase Agreement

Commercial Offer To Purchase

Purchasing Agent Agreement

Purchase Agreement For Car Loan

Purchase Agreement Car Dealership

Option Purchase Agreement Film

Forward Purchase Contract

Corporate Purchase Agreement

Simple Real Estate Purchase Contract

Motor Vehicle Purchase Contract

Employee Laptop Purchase Agreement

General Purchase Agreement

Price Purchase Agreement

Offer Agreement

Prepaid Forward Purchase Agreement

Purchase Of Service Contract

Vehicle Purchase Agreement

Product Purchase Agreement

Medical Equipment Purchase Agreement

Gas Sale Agreement

Entity Purchase Agreement

Wholesale Purchase Agreement

Retail Purchase Agreement

Hardware Purchase Agreement

Furniture Purchase Agreement

Direct Purchase Agreement

As Is Purchase Agreement

Company Purchase Agreement

Software Purchase Agreement

Letter Of Offer To Purchase Property

Material Purchase Agreement

Heat Purchase Agreement

Buy Out Agreement

Short Form Asset Purchase Agreement

Power Sale Agreement

Special Purchase Agreement

Membership Interest Purchase Agreement

Deferred Purchase Agreement

Contract For Purchase Of Goods

Bulk Purchase Agreement

Assignable Real Estate Contract

Unit Purchase Agreement

Service Purchase Agreement

Debt Purchase Agreement

Reverse Purchase Agreement

Joint Purchase Agreement