A real estate lease buyout is a situation in which a lessee agrees to buyout a real estate property after or below the termination of the lease agreement term. A lease buyout situation takes place when an individual who is under a lease agreement with the owner of an entity or commodity, decides to buy the entity or commodity during or after the lease term.
Real estate lease buyout has to be recorded on a formal document so that its terms are made legally binding for the lessor and the lessee. Given below is a sample of a real estate lease buyout which can be used for reference purpose by any person.
Sample Real Estate Lease Buyout:
This real estate lease buyout has been formed between a Lessor and a Lessee as on the effective date of 23rd July 2012.
This real estate lease buyout is taking place because the lessee agrees to buy the real estate which he was using on lease for a period of 2 years. The lease of the real estate was effective from 20th July 2010 to 20th July 2012.
The details of the parties are given as follows:
Name: Mr. Bill Nathan
Address: S/90, second floor, Tim building, London
Contact number: 44703947044
Name: Mr. Will Smith
Address: C/78, second floor, Henry Building, London
Contact number: 4720349044
Details of real estate property
Address: S-90, Mathew lane, London
Lease amount:$300 per month
Lease buyout details:
The Lessee agrees to pay a sum of $5000 to the lessor so as to buy the real estate property as per the norms of the lease agreement signed between the parties.
Terms and conditions:
- The Lessor agrees to sell the property with the address mentioned above to the lessee.
- The lessee shall have all the legal rights over the property as a result of this buyout.