Lease Purchase Agreement Template for Ireland

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Key Requirements PROMPT example:

Lease Purchase Agreement

"I need a Lease Purchase Agreement for a commercial warehouse in Dublin, with a 2-year initial lease period starting March 2025 and purchase option exercisable after 18 months, including specific provisions for heavy machinery and loading bay usage."

Document background
The Lease Purchase Agreement is a specialized legal instrument used in Irish property transactions where a traditional immediate purchase or standard lease isn't suitable for the parties involved. It's particularly valuable when a potential buyer needs time to arrange financing or wants to occupy the property immediately while building up equity. The agreement provides a structured pathway to property ownership while offering immediate possession through a lease arrangement. It must comply with Irish property law, including the Land and Conveyancing Law Reform Act 2009 and Consumer Credit Act 1995. This document type is commonly used in both residential and commercial contexts, requiring careful attention to payment terms, property maintenance responsibilities, and the conditions for exercising the purchase option. The agreement protects both the lessor's property rights and the lessee's option to purchase, while clearly defining the transition process from tenant to owner.
Suggested Sections

1. Parties: Identification of the Lessor/Vendor and Lessee/Purchaser with full legal names and addresses

2. Background: Context of the agreement, including property ownership status and parties' intentions regarding lease and future purchase

3. Definitions: Definitions of key terms used throughout the agreement, including Property, Purchase Price, Lease Payments, Option Period

4. Property Details: Detailed description of the property subject to the lease purchase agreement, including legal description and any inclusions/exclusions

5. Lease Terms: Terms of the lease period including duration, rent amount, payment dates, and maintenance responsibilities

6. Purchase Option: Details of the purchase option including purchase price, how and when the option can be exercised, and credit of lease payments towards purchase

7. Payment Terms: Complete payment structure including lease payments, option fee, purchase price, and treatment of deposits

8. Property Maintenance and Repairs: Responsibilities for maintenance, repairs, and improvements during the lease period

9. Insurance and Risk: Requirements for property insurance and allocation of risk during lease period

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

11. Assignment and Subletting: Restrictions on transfer of rights under the agreement

12. Notices: How formal communications between parties should be made and delivered

13. Governing Law: Confirmation of Irish law governance and jurisdiction

14. Termination: Circumstances under which the agreement can be terminated and consequences

Optional Sections

1. Planning and Zoning Compliance: Required for properties where specific use permissions are crucial or where future development is contemplated

2. Environmental Provisions: Required when property has known environmental issues or specific environmental compliance requirements

3. Management Company Provisions: Required for apartments or properties within managed developments

4. Special Conditions: Used when specific conditions must be met before purchase option can be exercised

5. Tax Provisions: Required when specific tax arrangements or implications need to be addressed

6. Break Clauses: Optional provisions allowing early termination under specific circumstances

7. Guarantor Provisions: Required when a guarantor is party to the agreement

Suggested Schedules

1. Schedule 1 - Property Description: Detailed legal description of the property including boundaries, maps, and plans

2. Schedule 2 - Payment Schedule: Detailed breakdown of all payments including lease payments, purchase option fee, and purchase price calculations

3. Schedule 3 - Property Inventory: Inventory of any furnishings, fixtures, or equipment included in the lease/sale

4. Schedule 4 - Property Condition Report: Detailed report on the condition of the property at the start of the lease

5. Schedule 5 - Special Conditions: Any special conditions or requirements for exercising the purchase option

6. Appendix A - Property Title Documents: Copies of relevant title documents and property certificates

7. Appendix B - Planning Documentation: Copies of relevant planning permissions and certificates

8. Appendix C - Energy Performance Certificate: Current energy performance certificate for the property

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

Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Residential Property

Commercial Property

Retail

Industrial

Agricultural

Hospitality

Office Space

Financial Services

Property Development

Relevant Teams

Legal

Real Estate

Finance

Operations

Risk Management

Compliance

Property Management

Asset Management

Business Development

Facilities Management

Relevant Roles

Property Manager

Real Estate Agent

Legal Counsel

Contract Manager

Finance Director

Commercial Director

Property Developer

Asset Manager

Facilities Manager

Risk Manager

Compliance Officer

Operations Director

Investment Manager

Property Surveyor

Business Development Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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