A lease purchase report is an official document that assesses the various details of a certain lease purchase and accounts for each of the corresponding information. The lease purchase contract is generally signed between two parties, legally referred to as the lessor and the lessee. The report for such a deal and its underlying aspects has to be performed systematically and by individuals who are aware of the legal consequences of the terms and conditions of the particular lease purchase contract.
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Sample Lease Purchase Report:
Lease Number: 890024
|LEASE PURCHASE REPORT
|1.||Lease will be purchased from [name of lessor]||Peter Johannson [Male; Age – 56 years]|
|2.||Lease will be purchased by [name of lessee]||James Mark [Male; Age – 34 years]|
|3.||Date of commencement of lease purchase||18th December, 2011 [18.12.2011]|
|4.||Date of termination of lease purchase||18th December, 2012 [18.12.2012]|
|5.||Term of validity of lease purchase||One (1) year [18.12.2011 – 18.12.2012]|
|6.||Property subject to lease purchase||15/B, Kelvin Mart Apartments
8, Palm Avenue
|7.||Nature of lease purchase||The property will be purchased on lease for a term of one year, on completion of which the property will be subject to legal proceedings, as will be applicable then. During the entire term of validity of the lease purchase contract, the responsibility of the property will be of the lessee only, failing to maintain which he might be subject to imprisonment or penalized with a fine of $48500.
The property is restricted to “residential use” only and any other method of utilization of property will be legally termed as “breach of contract”.
|8.||Payments made||An initial payment of $235000 has been made by means of cheque [cheque no.:756491]
The remaining $500000 will be paid on completion of the term of lease.
I hereby declare that all the information given in the lease purchase report is true to the best of my knowledge.
_________________________ [Signature of lessor]
___________________________ [Signature of lessee]