A landlord lease buyout is a special document prepared by a tenant and submitted to the landlord, to buy a certain property that has been on lease for a definite period of time. The buyout document needs to include details of the property or area that has been taken on lease and important details of the landlord and tenant, to serve as useful legal documents in the future. The buyout should involve a valid reason, which needs to be stated in the document as well.
Sample Landlord Lease Buyout:
This landlord lease buyout has been framed on 18th November, 2011, by David Peterson [permanent address: 9/5, Rose Valley Apartments, Greg Road, London], referred to as the tenant, in response to the lease drawn on 17th December, 2007 with lessor Tim Steve [residential address: 18, Denver Lane, London], referred to as the landlord. The lease was to remain valid till 17th December, 2011.
The details of the property given on lease have been given below:
- Name: Sunrise Real Estate Colony
- Flat No.: 18/ II
- Address: 52, Denver Lane, London
- Area: 1200 sq. feet
- Cost: $675000
- Purpose: David had taken the flat on lease for residential purposes during his study period, which was from January, 2007 – January, 2010, on completion of which he has decided to buy the flat due to change in conditions now. He is now an employee of the British Education Council and will be residing here.
- All payments till date have been cleared by David.
- He has never been accused of any “breach of contract”
The landlord thus approves of this landlord lease buyout, which will come into action once the documents have been handed over on the 25th of November, 2011.
[David Peterson] [Tim Steve]
Date: 18.11.2011 Date: 18.11.2011