A land lease buyout is a document prepared by a lessee for purchase of a certain piece of land that had been taken on lease for a definite period of time from a particular lessor. The lease buyout document for a land should contain details of the land area, costs involved, time span of conditions already stated in the lease document and should be written from an official perspective, including and explaining all the legal terms involved in a lease buyout condition.
Sample Land Lease Buyout:
This land lease buyout has been drawn on the 16th day of October 2011 by the lessee George McKinley [permanent address: 20/B, St. Joseph Church Road, New York] in response to section VII (b) of the land lease [lease number: 89358] that had been signed on 17th October, 2003 and will remain valid till 17th October, 2011. The land was given on lease for eight (8) years by the lessor Henry Bradman [residential address: 88/ P, Lindsay Street, New York].
Details of the land:
- Plot No.: 781/ B
- Address: 16, East Road, New York
- Area: 5000 sq. feet
- Cost: $1750000
- Advance payments: $67000
- Monthly rents paid: $17532
- Taxes: Paid till date [records have been enclosed alongwith]
- Repair and maintenance, electricity, telephone, and other miscellaneous costs have been recorded thoroughly in the document enclosed with this buyout]
The lessor has approved of the lessee’s decision to buy this land as all terms and conditions have been strictly followed and none of the payments are pending. The identification documents of the land, license files, registration certificates, etc. will be handed over by 20th October, 2011.
[Signature of lessor] [Signature of lessee]
Date: 16.10.2011 Date: 16.10.2011