A lease purchase contract is a document which outlines the manner in which a lease purchase is to be executed. A lease purchase is particularly used in case of property leases, where, if a prospective buyer cannot gather the sum of money for purchasing the property within the stipulated time, he may opt for a lease payment that will allow him to move into the property with only a down payment.
Sample Lease Purchase Contract
The following document is a lease purchase contract between Mr. Jason Hart of 45th Madison garden, New Jersey [henceforth referred to the lessor] and Miss Sheila Rogers of bridge Country, New York [henceforth referred to as the lessee]. The lease purchase contract, initiated on the 3rd of June 2011, states that the lessee shall move into the leased property on 23rd West End Square, New Jersey, on the 26th of June 2011, subject to a down payment of 200,000USD to the lessor before that date. The lessee must pay the remaining amount [with interest] to the lessor by 26th June 2014, failing which the lessee may be evicted forcefully from the property.
The terms and conditions of the lease purchase contract must be read carefully and assimilated by both parties. Till the validity of the contract [date of commencement: 3.6.2011, date of termination: 26.6.2014] any changes made to the property by the lessee, including refurbishing of the property, will legally belong to the lessor.
Signature of lessor: _______________________
Signature of lessee: _______________________
Signature of advocate: ______________
Place: New Jersey