Lease With Option To Buy Contract Template for Ireland

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Key Requirements PROMPT example:

Lease With Option To Buy Contract

"I need a Lease with Option to Buy Contract for a three-bedroom residential property in Dublin, Ireland, with a two-year initial lease term starting March 2025, where 25% of the monthly rent payments will count towards the purchase price if the option is exercised."

Document background
The Lease With Option To Buy Contract is a specialized legal instrument used in Ireland when a property owner wishes to lease their property while giving the tenant the exclusive right to purchase it during or after the lease period. This document is particularly relevant in situations where immediate purchase isn't feasible or desired, but there's interest in future ownership. It combines elements of both lease and sale agreements, requiring careful consideration of Irish property law, including the Residential Tenancies Act 2004 and the Land and Conveyancing Law Reform Act 2009. The agreement typically includes detailed provisions about rent payments, property maintenance, option exercise procedures, purchase price calculations, and any rent credits that may apply toward the purchase price. It's commonly used in both residential and commercial contexts, providing flexibility while establishing clear legal frameworks for both the leasing period and potential property transfer.
Suggested Sections

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

2. Background: Context of the agreement, including property details and intention to enter into lease with purchase option

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

4. Lease Terms: Core lease provisions including duration, rent amount, payment terms, and renewal options

5. Property Use and Maintenance: Permitted use of property, maintenance responsibilities, and condition requirements

6. Option to Purchase: Terms of the purchase option, including price, duration of option, and exercise process

7. Exercise of Option: Procedure for exercising the purchase option, including notice requirements and timelines

8. Purchase Price and Payment: Details of purchase price, any rent credit arrangements, and payment terms upon exercise of option

9. Title and Conveyancing: Requirements for clean title transfer and conveyancing process

10. Insurance and Risk: Insurance requirements during lease period and transition of risk upon purchase

11. Default and Remedies: Consequences of default under either lease or option terms

12. Termination: Circumstances and procedures for termination of lease and/or option

13. Notices: Requirements for formal communications between parties

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

Optional Sections

1. Rent Credit Towards Purchase: Include when agreement allows portion of rent to be credited towards purchase price

2. Property Improvements: Include when tenant is permitted to make improvements that affect property value

3. Environmental Matters: Include for properties with known environmental issues or concerns

4. Planning Permissions: Include when property requires specific planning permissions for intended use

5. Multiple Occupancy: Include when property will have multiple occupants or subtenants

6. Property Management: Include for properties within managed developments or with shared facilities

7. Assignment and Subletting: Include when transfer of rights needs to be addressed specifically

Suggested Schedules

1. Schedule 1 - Property Description: Detailed description of property including boundaries, fixtures, and fittings

2. Schedule 2 - Rent Payment Schedule: Detailed breakdown of rent payments, increases, and credit arrangements

3. Schedule 3 - Option Exercise Terms: Specific procedures and requirements for exercising purchase option

4. Schedule 4 - Property Condition Report: Detailed assessment of property condition at lease commencement

5. Schedule 5 - Permitted Alterations: List of alterations tenant is permitted to make to property

6. Appendix A - Property Plans: Maps, floor plans, and relevant property drawings

7. Appendix B - Required Insurances: Detailed insurance requirements and specifications

8. Appendix C - Form of Option Notice: Template for formal notice to exercise purchase option

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

Clauses
Relevant Industries

Real Estate

Property Development

Residential Housing

Commercial Property

Legal Services

Financial Services

Insurance

Property Management

Construction

Urban Development

Relevant Teams

Legal

Real Estate

Property Management

Facilities

Compliance

Risk Management

Asset Management

Property Investment

Housing

Contract Administration

Relevant Roles

Property Manager

Real Estate Lawyer

Legal Counsel

Contract Manager

Real Estate Agent

Property Developer

Facilities Manager

Compliance Officer

Risk Manager

Asset Manager

Property Investment Manager

Lease Administrator

Real Estate Portfolio Manager

Housing Officer

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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