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Rent To Own Lease Agreement
"I need a Rent to Own Lease Agreement for a three-bedroom house in Dublin, with a two-year rental period starting March 1, 2025, and a fixed purchase price of €450,000, where 25% of monthly rent payments will count towards the purchase price."
1. Parties: Identification of landlord/seller and tenant/buyer with full legal names and addresses
2. Background: Context of the agreement, including property overview and intention for rent-to-own arrangement
3. Definitions: Key terms used throughout the agreement including Rent, Purchase Option, Option Fee, etc.
4. Property Details: Complete description of the property including address and legal description
5. Term and Possession: Duration of the lease period and conditions for taking possession
6. Rental Terms: Monthly rent amount, payment terms, and late payment provisions
7. Purchase Option Terms: Details of the purchase option including price, option fee, and rent credit arrangements
8. Exercise of Purchase Option: Process and requirements for exercising the purchase option
9. Maintenance and Repairs: Responsibilities for property maintenance during the rental period
10. Insurance and Property Taxes: Requirements for insurance coverage and responsibility for property taxes
11. Default and Remedies: Consequences of default under either rental or purchase terms
12. Assignment and Subletting: Restrictions on transferring rights under the agreement
13. Notices: How formal communications between parties should be made
14. Governing Law: Specification of Irish law as governing law and jurisdiction
15. Execution: Signature blocks and execution requirements
1. Property Management: Required if a property management company is involved in maintaining the property
2. Mortgage Contingency: Include if the purchase option is contingent on the tenant obtaining mortgage financing
3. Home Warranty: Include if a home warranty is being provided during the rental period or for purchase
4. Early Purchase Option: Include if tenant has the option to purchase before the end of the lease term
5. Property Improvements: Include if tenant is allowed to make improvements and how they affect purchase price
6. Third-Party Rights: Include if any third parties have rights or obligations under the agreement
7. Rent Credit Calculation: Include if complex rent credit arrangements apply to the purchase price
1. Schedule 1 - Property Description: Detailed description of the property including boundaries, fixtures, and fittings
2. Schedule 2 - Rent Payment Schedule: Detailed breakdown of rental payments and due dates
3. Schedule 3 - Purchase Price Calculation: Formula for calculating final purchase price including rent credits
4. Schedule 4 - Property Condition Report: Initial condition report with photographs and noted defects
5. Schedule 5 - Included Appliances and Fixtures: List of appliances and fixtures included in the rental and eventual sale
6. Appendix A - Required Insurance Coverage: Detailed insurance requirements for both parties
7. Appendix B - Maintenance Responsibilities Matrix: Breakdown of maintenance responsibilities between parties
8. Appendix C - Property Rules and Regulations: Any specific rules or regulations governing property use
Authors
Property
Commencement Date
Term
Rent
Monthly Payment
Purchase Option
Option Fee
Purchase Price
Rent Credit
Completion Date
Option Exercise Date
Option Exercise Notice
Landlord/Seller
Tenant/Buyer
Deposit
Common Areas
Fixtures and Fittings
Service Charges
Insurance Requirements
Fair Wear and Tear
Material Breach
Force Majeure
Maintenance Obligations
Property Manager
Permitted Use
Working Day
Utilities
Stamp Duty
Condition Report
Title Documents
Occupants
Emergency Repairs
Essential Services
Default Event
Option Period
Transfer Date
Due Diligence Period
Closing Costs
Market Value
Property Tax
Management Company
Structural Elements
Building Systems
Legal Charges
Notice Period
Rental Period
Purchase Agreement
Term and Possession
Rent Payment
Purchase Option
Option Exercise
Deposit and Security
Insurance
Maintenance and Repairs
Property Use
Utilities and Services
Assignment and Subletting
Default and Remedies
Property Access
Alterations and Improvements
Title and Ownership
Risk and Liability
Force Majeure
Dispute Resolution
Notices
Termination
Property Condition
Compliance with Laws
Representations and Warranties
Events of Default
Indemnification
Severability
Entire Agreement
Governing Law
Amendment and Modification
Registration
Costs and Expenses
Property Management
Tax Obligations
Environmental Compliance
Vacant Possession
Option Period
Purchase Completion
Due Diligence
Residential Real Estate
Property Management
Financial Services
Legal Services
Housing Development
Real Estate Investment
Property Development
Residential Lettings
Legal
Real Estate
Property Management
Compliance
Finance
Risk Management
Operations
Customer Service
Sales
Contract Administration
Property Manager
Real Estate Attorney
Leasing Manager
Real Estate Agent
Property Developer
Legal Counsel
Housing Officer
Mortgage Advisor
Property Investment Manager
Compliance Officer
Real Estate Transaction Coordinator
Property Portfolio Manager
Housing Services Manager
Contracts Administrator
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