A lease purchase document is a written record of the terms and conditions of a lease purchase contract generally signed between two parties, the one who would sell the property and the one who would purchase it. This type of a document should outline all the necessary details that need to be included in the official files of both parties, for easy and quick reference in future, regarding the clauses of the particular agreement of lease purchase.
Sample Lease Purchase Document:
Lease number: 988844
This lease purchase document has been signed to bring under legal notice the agreement of purchase of the property situated at 16, Park Road, New York, by Henry Peterson, hereafter referred to as the lessee, from Mark Travolta, hereafter referred to as the lessor, for a term of fifteen (15) years, starting from the 16th day of January, 2006 and continued till the 15th day of January, 2021.
The details of the lease purchase document have been given below:
- Date of commencement of lease: 16th January, 2006
- Date of termination of lease: 15th January, 2021
- Term of validity of lease purchase: 15 [fifteen] years [16.01.2006 – 15.01.2021]
- Purpose of lease purchase: The property [16, Park Road, New York] is being purchased on lease for a term of fifteen years, for constructing a housing complex, along with a number of parks, one large playground, and a market complex in the area.
- Total area: 795500 acres of land
- Distribution of land: 677850 acres of land will be utilized for the construction of residential areas, provided with a park [750 acres] per 100 flats. The remaining 99750 acres will be utilized for a market complex, 10000 acres for a nursing home and medicine stores, and 7900 acres for one big play area.
- Cost of land: $580 per acre of land
- Payments made: An initial payment of $6139000 has been made by means of cheque [cheque no.: 17455] on 9th January, 2006 and the remaining will be done in equal installments of $255000 till the date of completion.
- Witness: Irwing George [lawyer]
- Clauses for breach of contract: Fine of $1899000 and imprisonment for a minimum of 5 years.
[Signature of lessor] [Signature of lessee]