A lease rent purchase is a formal document which is drafted in the case when a lessee wishes to purchase the property or space which he was using on lease basis from the lessor who is the original owner of the property or space. A lease rent purchase specifies the details and terms and conditions under which the purchase is to be made.
These documents are legally binding in nature and the clauses mentioned in them cannot be violated by any of the parties. Given below is a sample of a lease rent purchase which can be used for referential purpose.
Sample Lease Rent Purchase
This lease rent purchase is formed as on 20th Nov 2012 and is effective for an indefinite period of time
This lease rent purchase is formed between the LESSOR and the LESSEE. Their details are given as follows:
Name of lessor: Jack Henderson
Official address: Q-78, first floor, Jacky tower, London
Contact number: 492037404
Name of lessee: Tim White
Address: W/n9, second floor, Redding enclave, London
Contac number: 420934703
The details of property:
Address: 89/k, Kell Street, London
Type: residential property
Purchase price: $80000
The LESSEE is purchasing the property from the LESSOR for the given amount which shall be paid as a wholesome amount on the effective date of agreement.
Terms and conditions:
- The LESSOR agrees to sell the property which was earlier used on lease by the LESSEE to the LESSEE.
- The LESSEE can only use the property for residential purpose. In case the LESSEE decides to lease the property, it too shall be done as a residential lease.
- The LESSOR shall hand over all papers and documents related to the property to the LESSEE on effective date and shall have no say whatsoever on it following the effective date.