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Lease Option Contract

Lease Option Contract Template for New Zealand

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Key Requirements PROMPT example:

Lease Option Contract

"I need a Lease Option Contract for a commercial warehouse property in Auckland, New Zealand, with a 3-year lease term starting March 2025 and an option to purchase at a pre-agreed price of NZD 2.5M, including special provisions for the tenant's planned renovations."

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Document background
The Lease Option Contract is a specialized legal instrument used in New Zealand property transactions where a property owner wishes to lease their property while simultaneously granting the tenant an option to purchase it during or at the end of the lease term. This document is particularly useful in situations where potential buyers want to secure a future purchase price while having immediate occupancy, or when sellers wish to maintain current income while securing a potential future sale. The agreement must comply with New Zealand property law and contains detailed provisions for both the lease arrangement and the purchase option, including specific timeframes, prices, and conditions for exercising the option. It's commonly used in both residential and commercial contexts, providing flexibility for both parties while ensuring legal certainty under New Zealand jurisdiction.
Suggested Sections

1. Parties: Identification of the lessor (property owner) and lessee (tenant/option holder), including full legal names and addresses

2. Background: Context of the agreement, including property details and purpose of the arrangement

3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules for interpretation

4. Lease Terms: Core lease provisions including rent, term, maintenance obligations, and permitted use

5. Option Terms: Details of the purchase option including price, exercise period, and exercise mechanism

6. Rent and Outgoings: Detailed provisions regarding rent payments, reviews, and responsibility for property expenses

7. Maintenance and Repairs: Obligations regarding property maintenance, repairs, and improvements

8. Insurance: Insurance requirements for both parties

9. Default and Termination: Consequences of default and termination provisions for both lease and option

10. Assignment and Subletting: Restrictions and conditions on assignment or subletting

11. General Provisions: Standard contract clauses including notices, governing law, and dispute resolution

Optional Sections

1. Guarantees: Required when there are guarantors for either the lease or option obligations

2. Fitout Provisions: Needed for commercial properties requiring specific tenant improvements

3. Property Manager: Include when a property manager is appointed to manage the property

4. Body Corporate: Required for properties subject to body corporate rules

5. Special Conditions: For any unique requirements or conditions specific to the transaction

6. Option Deposit: Include when an upfront deposit is required for the option

7. Rent Credit: When a portion of rent payments will be credited towards the purchase price

8. Environmental Matters: Required for properties with environmental considerations or obligations

Suggested Schedules

1. Property Description: Detailed legal description of the property including title references

2. Rent Schedule: Breakdown of rent payments, review dates, and calculation methods

3. Condition Report: Detailed report on the condition of the property at lease commencement

4. Option Exercise Notice: Pro-forma notice for exercising the purchase option

5. Permitted Use: Detailed description of permitted activities and use of the property

6. Outgoings Schedule: List of outgoings and responsibility for payment

7. Insurance Requirements: Detailed insurance requirements for both parties

8. Body Corporate Rules: If applicable, current body corporate rules affecting 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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Clauses
Interpretation
Grant of Lease
Grant of Option
Rent
Option Fee
Purchase Price
Term
Option Exercise
Settlement
Outgoings
Maintenance and Repairs
Insurance
Assignment and Subletting
Permitted Use
Property Access
Alterations
Utilities
Default
Termination
Force Majeure
Dispute Resolution
Notices
GST
Guarantees
Property Inspection
Quiet Enjoyment
Representations and Warranties
Compliance with Laws
Environmental Matters
Registration
Governing Law
Entire Agreement
Severability
Costs
Confidentiality
Relevant Industries

Real Estate

Property Development

Commercial Property

Residential Property

Retail

Industrial

Hospitality

Professional Services

Agriculture

Manufacturing

Relevant Teams

Legal

Real Estate

Property Management

Operations

Finance

Compliance

Risk Management

Facilities Management

Business Development

Asset Management

Relevant Roles

Property Manager

Real Estate Agent

Legal Counsel

Property Lawyer

Commercial Director

Facilities Manager

Asset Manager

Investment Manager

Contract Administrator

Risk Manager

Compliance Officer

Chief Financial Officer

Operations Manager

Business Development Manager

Property Developer

Industries
Property Law Act 2007: Primary legislation governing property transactions in New Zealand, including provisions for leases, property rights, and contractual matters relating to property
Contract and Commercial Law Act 2017: Governs contract formation, enforcement, and remedies, which are essential for the option agreement portion of the lease option contract
Residential Tenancies Act 1986: If the property is residential, this Act governs the rights and obligations of landlords and tenants in residential properties
Real Estate Agents Act 2008: Relevant if real estate agents are involved in the transaction, governing their duties and obligations
Land Transfer Act 2017: Governs the registration and transfer of land interests, including leases that may be registered on the title
Fair Trading Act 1986: Ensures fair trading practices and protects against misleading and deceptive conduct in property transactions
Unit Titles Act 2010: Relevant if the property is part of a unit title development, governing specific requirements for such properties
Overseas Investment Act 2005: Applicable if any party to the contract is an overseas person, governing foreign investment in New Zealand property
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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