Lease Option Property For Sale Template for India

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Key Requirements PROMPT example:

Lease Option Property For Sale

"I need a Lease Option Property For Sale agreement for a commercial office space in Mumbai, with a 2-year lease term starting March 2025 and an option to purchase at a pre-agreed price of ₹2.5 crore, including provisions for tenant improvements and maintenance responsibilities."

Document background

The Lease Option Property For Sale agreement is a sophisticated legal instrument used in Indian real estate transactions where a property owner wishes to lease their property while simultaneously granting the tenant an exclusive option to purchase it. This arrangement is particularly useful in situations where potential buyers need time to arrange financing or want to "try before they buy." The document must comply with Indian property laws and typically includes detailed provisions for both the lease period (rent, maintenance, utilities) and the purchase option (option fee, purchase price, exercise period). It's commonly used in both commercial and residential contexts, requiring careful consideration of state-specific property laws, stamp duty requirements, and registration procedures. The agreement provides protection for both parties by clearly defining their rights and obligations during the lease period and establishing concrete terms for the potential future sale.

Suggested Sections

1. Parties: Identification of the lessor/seller and lessee/potential buyer with complete details

2. Background: Context of the agreement, including property overview and parties' intentions

3. Definitions: Key terms used throughout the agreement

4. Property Details: Comprehensive description of the property including address, boundaries, and registration details

5. Lease Terms: Duration, rent amount, payment terms, and other standard lease provisions

6. Option Terms: Details of the purchase option, including option period, purchase price, and exercise procedure

7. Option Fee: Amount, payment terms, and status of the option fee

8. Maintenance and Repairs: Responsibilities for property maintenance during the lease period

9. Insurance and Utilities: Requirements for insurance coverage and responsibility for utility payments

10. Exercise of Option: Process and requirements for exercising the purchase option

11. Title and Due Diligence: Provisions regarding property title and buyer's due diligence rights

12. Default and Remedies: Consequences of default under either lease or option provisions

13. Notices: Requirements for formal communications between parties

14. Governing Law: Specification of Indian law and jurisdiction

15. Miscellaneous: Standard boilerplate provisions including severability, entire agreement, and amendments

Optional Sections

1. Property Management: Required when specific property management arrangements are needed during the lease period

2. Tenant Improvements: Include when the lessee is permitted to make improvements to the property

3. Assignment and Subletting: Include when transfer rights need to be specifically addressed

4. Environmental Matters: Required for properties with potential environmental concerns or compliance requirements

5. Right of First Refusal: Include when giving the lessee additional rights beyond the option

6. Rent Credit: Include when portion of rent payments will be credited toward purchase price

7. Property Inspection: Required when specific inspection rights or requirements need to be detailed

8. Mortgage/Encumbrance Provisions: Include when property has existing mortgages or encumbrances

Suggested Schedules

1. Property Description Schedule: Detailed legal description of the property including boundaries and fixtures

2. Rent Payment Schedule: Detailed breakdown of rent payments, due dates, and escalation terms

3. Option Fee Calculation: Breakdown of option fee and how it applies to purchase price

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

5. Permitted Uses: Specific allowed uses of the property during lease period

6. Existing Encumbrances: List of current mortgages, liens, or other encumbrances on the property

7. Required Insurance Coverage: Detailed insurance requirements for both parties

8. Maintenance Schedule: Detailed breakdown of maintenance responsibilities

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

Commercial Property

Residential Property

Property Development

Property Investment

Banking and Finance

Legal Services

Property Management

Construction

Relevant Teams

Legal

Real Estate

Property Management

Finance

Compliance

Risk Management

Business Development

Operations

Asset Management

Investment

Relevant Roles

Real Estate Manager

Property Manager

Legal Counsel

Corporate Lawyer

Real Estate Agent

Property Developer

Investment Manager

Asset Manager

Finance Director

Compliance Officer

Real Estate Broker

Property Valuer

Contract Administrator

Business Development Manager

Risk Manager

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