The Purchase Lease Option agreement is a sophisticated legal instrument used in New Zealand property transactions where a property owner wishes to lease their property while simultaneously granting the tenant an exclusive option to purchase it in the future. This arrangement is particularly useful in situations where immediate purchase isn't feasible or desired, but there's interest in securing future purchase rights. The document includes comprehensive terms covering both the lease period and the purchase option, including rent payments, option fees, purchase price, condition requirements, and any rent credit arrangements. It must comply with New Zealand property law, including the Property Law Act 2007, Contract and Commercial Law Act 2017, and relevant tenancy legislation. This type of agreement is commonly used in both residential and commercial contexts, providing flexibility for both parties while establishing clear legal frameworks for the potential property transfer.
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1. Parties: Identification of the property owner/lessor and the tenant/potential purchaser
2. Background: Context of the agreement, including property description and parties' intentions
3. Definitions: Key terms used throughout the agreement
4. Lease Terms: Core lease provisions including rent, duration, and maintenance obligations
5. Option Grant: Terms of the purchase option grant and duration
6. Option Exercise: Process and requirements for exercising the purchase option
7. Purchase Price: Agreed purchase price and any rent credit arrangements
8. Property Condition: Current condition, maintenance requirements, and condition requirements for purchase
9. Insurance and Risk: Insurance requirements and risk allocation during lease period
10. Default and Termination: Consequences of default under either lease or option provisions
11. Assignment and Subletting: Restrictions on transfer of lease or option rights
12. Notices: Communication requirements and contact details
13. General Provisions: Standard contract clauses including governing law and dispute resolution
1. Rent Credit: Used when a portion of rent payments will be credited toward the purchase price
2. Property Management: Include when specific property management arrangements are needed during the lease period
3. Due Diligence: Include when the tenant requires a due diligence period before finalizing the option
4. Mortgage Provisions: Include when existing mortgages affect the property or when vendor financing is involved
5. GST Provisions: Required when either party is GST-registered or the transaction involves GST
6. Body Corporate: Include for properties subject to body corporate rules or unit titles
7. Guarantees: Include when personal or corporate guarantees are required
1. Property Description: Detailed legal description and plans of the property
2. Rent Schedule: Breakdown of rent payments, including any scheduled increases
3. Option Fee Calculation: Details of option fee and how it applies to purchase
4. Maintenance Schedule: Detailed breakdown of maintenance responsibilities
5. Condition Report: Initial property condition report with photographs
6. Special Conditions: Any special terms or conditions specific to the property or arrangement
7. Required Insurance: Detailed insurance requirements and specifications
8. Rent Credit Calculations: If applicable, detailed breakdown of how rent credits apply to purchase price
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Commercial Property
Residential Property
Legal Services
Property Management
Construction
Retail
Hospitality
Industrial
Relevant Teams
Legal
Real Estate
Property Management
Commercial
Facilities
Risk and Compliance
Finance
Operations
Investment
Asset Management
Relevant Roles
Property Lawyer
Real Estate Agent
Property Manager
Legal Counsel
Commercial Manager
Asset Manager
Property Developer
Investment Manager
Facilities Manager
Contract Manager
Real Estate Broker
Property Investment Advisor
Compliance Officer
Risk Manager
Finance Manager
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