Property Lease With Option To Buy Template for Canada

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

4.6 / 5

4.8 / 5

Let's create your Property Lease With Option To Buy

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:

Property Lease With Option To Buy

"I need a Property Lease With Option to Buy agreement for a residential property in Ontario, with a 2-year lease term starting March 1, 2025, monthly rent of $2,800, and an option to purchase at a pre-set price of $750,000 exercisable after 18 months of tenancy."

Document background

The Property Lease With Option to Buy agreement is a sophisticated legal instrument used in Canadian real estate transactions where a tenant wishes to rent a property while maintaining the option to purchase it in the future. This document is particularly useful in situations where potential buyers need time to arrange financing, build equity, or evaluate the property before committing to a purchase. It includes comprehensive provisions governed by both federal and provincial Canadian laws, covering lease terms, purchase option details, property maintenance responsibilities, and financial arrangements. The agreement protects both landlord and tenant interests by clearly defining rental terms while establishing a structured path to property ownership. It's commonly used in both residential and commercial contexts, requiring careful consideration of provincial property laws, tenant rights, and real estate regulations.

Suggested Sections

1. Parties: Identification of landlord/seller and tenant/potential buyer, including full legal names and addresses

2. Background: Context of the agreement, including property details and parties' intentions regarding lease and potential purchase

3. Definitions: Key terms used throughout the agreement, including property-specific terminology and financial terms

4. Lease Terms: Duration of lease, rent amount, payment terms, and periodic increases

5. Property Description: Detailed description of the leased property, including address, boundaries, and included fixtures/fittings

6. Option to Purchase: Terms of the purchase option, including option period, purchase price or calculation method, and exercise procedure

7. Security Deposit: Amount, terms, and conditions for security deposit, including its application towards purchase

8. Maintenance and Repairs: Responsibilities of both parties regarding property maintenance and repairs during the lease period

9. Insurance and Property Taxes: Requirements for insurance coverage and responsibility for property taxes

10. Default and Remedies: Consequences of default under either lease or option terms, and available remedies

11. Assignment and Subletting: Terms regarding the tenant's ability to assign or sublet the property

12. Notices: Requirements for formal communications between parties

13. General Provisions: Standard contract clauses including governing law, entire agreement, and amendments

Optional Sections

1. Property Improvements: Terms regarding tenant improvements and their impact on purchase price, used when improvements are anticipated

2. Early Purchase Option: Special terms for exercising the purchase option before the standard option period, if allowed

3. Financing Contingencies: Conditions related to tenant's ability to secure financing for purchase, if relevant

4. Property Management: Terms for property management during lease period, if applicable

5. Environmental Matters: Special provisions regarding environmental issues or requirements, if relevant

6. Option Extension: Terms for extending the option period, if this flexibility is desired

7. Rent Credit: Terms for applying portion of rent towards purchase price, if applicable

Suggested Schedules

1. Schedule A - Property Description: Detailed legal description of the property, including lot numbers and boundaries

2. Schedule B - Property Condition Report: Detailed assessment of property condition at lease commencement

3. Schedule C - Rent Payment Schedule: Detailed breakdown of rent payments, including any scheduled increases

4. Schedule D - Purchase Price Calculation: Formula or method for determining final purchase price, including any adjustments

5. Schedule E - Permitted Uses: Detailed list of permitted uses of the property during lease period

6. Appendix 1 - Property Photos: Photographic documentation of property condition

7. Appendix 2 - Required Insurance: Detailed insurance requirements for both parties

8. Appendix 3 - Property Plans: Floor plans, site plans, and other relevant property drawings

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

Property Management

Legal Services

Financial Services

Property Development

Commercial Property

Residential Property

Property Investment

Banking

Insurance

Relevant Teams

Legal

Real Estate

Property Management

Asset Management

Operations

Risk & Compliance

Facilities Management

Contract Administration

Property Development

Leasing

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Leasing Manager

Property Investment Manager

Legal Counsel

Contract Administrator

Real Estate Director

Asset Manager

Property Development Manager

Facilities Manager

Risk Manager

Compliance Officer

Real Estate Operations Manager

Transaction Manager

Find the exact document you need

Land Lease With Option To Buy

A Canadian-law governed agreement combining land lease terms with a future purchase option, addressing both temporary use and potential ownership transfer.

How a Sales & Marketing Lead uses Genie AI to reduce contract drafting time by 95%

Let's create your Property Lease With Option To Buy

Authors

Alex Denne

Find the exact document you need

Land Lease With Option To Buy

Tenancy Agreement With Option To Purchase

Residential Lease With Option To Buy

Right Of First Refusal Agreement (Real Estate)

Commercial Lease Option Agreement

Life Rights Option Agreement

Lease To Own Rental Agreement

Mining Option Agreement

Options Account Agreement

Option To Renew Contract

Option To Purchase In Lease Agreement

Property Lease With Option To Buy

Option To Renew Tenancy Agreement

Option To Renew Commercial Lease

Option Agreement Contract

Residential Lease Option Agreement

Option Extension Agreement

Option Cancellation Agreement

Vehicle Lease Agreement With Option To Purchase

Restricted Share Agreement

Option Sales Contract

Lease Agreement With Option To Buy

First Refusal Agreement

Commercial Lease Agreement With Option To Purchase

Simple Right Of First Refusal Agreement

Repurchase Option Agreement

Non Exclusive Option Agreement

Mobile Home Lease To Own Contract

Master Leasing Agreement

Master Lease With Option To Purchase

Lease To Own Land Agreement

Lease And Purchase Agreement

Land Lease Purchase Agreement

Land Buying Agreement

Company Equity Share Agreement

Cash Payment Agreement

Purchase And Lease Agreement

Business Lease To Own Agreement

First Option To Buy Agreement

Truck Lease To Own Agreement

Owner Finance Purchase Agreement

Lease Option Agreement Contract

Seller Financing Purchase Agreement

Option To Purchase Business Agreement

Commercial Lease With Option To Purchase

Outright Purchase Agreement

Option To Lease Agreement

Land Option Contract

Exclusive Option Agreement

Option To Buy Contract

Vehicle Lease To Own Agreement

Option To Purchase Agreement

Download our whitepaper on the future of AI in Legal

Genie’s Security Promise

Your documents are private:

Your documents are protected:

Organizational security

Innovation in privacy:

Want to know more?

Commercial

Employment

IP

Administration

Finance

R&D

Use Cases