An early lease buyout is a document that is framed by the lessee a considerable time before the end of the lease validity term. Lease buyouts can be acted upon either on completion of the lease term or prior to that, and the second case is termed as an “early lease buyout”. It is essential in case of such a lease buyout that all terms and conditions involved should properly be fulfilled and payments made till that particular date. The document should contain details of the buyout and all clauses must be stated in clear legal terms.
Sample Early Lease Buyout:
This is an early lease buyout document, drawn upon by the lessee Henry Clifford [permanent address: 17B, Rose Apartments, Red Street, New York] on the 19th day of June 2011, for purchasing the apartment [3/IIB, Silver Spring Complex, New Jersey] that had been taken by him on lease, on the 15th day of November 2004, from lessor Fredrick Stevenson [residential address: 99, Lenin Street, New York]. It was a ten-year long lease that was to end on the 15th of November, 2014.
The lessee has resided in the apartment, as frequently as per agreement terms, for nearly six and a half years and has always fulfilled all clauses set in the contract. Three years remaining to the completion of the deed, Henry has decided to take over the flat completely as he will be shifting permanently to New Jersey by the end of August 2011. The lessor has approved of his purchase decision, since all payments have been cleared in time [financial statements have been enclosed alongwith] and no clause has been disrespected during the term of lease.
[Signature of lessor] [Signature of lessee]
Date: 19.06.2011 Date: 19.06.2011