An office lease buyout is a situation when a lessee of an office space agrees to buy the office space from the lessor at the end of the lease term or effective period. The details of such a situation are recorded in the form of an agreement and these agreements are formally and legally binding for the involved parties.
Any office lease buyout generally takes place towards the end of the lease but can also happen mid way through the lease period as well. Given below is a sample of an office lease buyout which can be used as a reference document.
Sample Office Lease Buyout:
This office lease buyout has been formed between a lessor and a lessee on the date of 12th May 2012
As per this office lease buyout, the lessor agrees to sell the office space to the lessee which was put on lease from 10th May 2010 to 10th May 2012.
The details of the parties are given as follows:
Name: Mr. Tony Red
Address: D-90, first floor, Nathan tower, London
Contact number: 4029740403
Name: Mr. Bill Harvey
Address: a-34, second floor, Gregory Tower, London
Contact number: 4722480984
Details of the buyout
Total purchase price of office space: $3000
Details of office space:
Address: D/n, market lane, London
Terms and conditions of the office lease buyout are as follows:
- The lessor agrees to sell the office space to the lessee for the above mentioned price.
- The lessee agrees to buy the office space from the lessor on the condition that all the ownership rights and documents shall be handed over to him.
- The lessor shall have no right over the office space from the effective date of the buyout.
- The lessee must register the office space in his name to obtain the legal rights over it.