The Purchase Lease Option Agreement is a specialized legal instrument used in New Zealand real estate transactions where a property owner wishes to lease their property while simultaneously granting the tenant an exclusive option to purchase it. This arrangement is particularly useful for tenants who want to secure a future purchase right but need time to arrange financing or assess the property's suitability for their long-term needs. The agreement must comply with New Zealand property and contract law, including the Property Law Act 2007, Land Transfer Act 2017, and relevant tenancy regulations. It typically includes detailed provisions about the lease terms, option period, purchase price determination, rent credit arrangements (if any), and the process for exercising the purchase option. This type of agreement is commonly used in both residential and commercial contexts, offering flexibility for both parties while establishing clear legal rights and obligations.
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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 details and general intent of the arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Lease Terms: Core lease provisions including rent, term, maintenance obligations, and other standard tenancy terms
5. Option Grant: Terms of the purchase option, including the grant of exclusive right to purchase
6. Option Period: Duration of the option period and any extension provisions
7. Purchase Price: Agreed purchase price or mechanism for determining the price, including any rent credit arrangements
8. Exercise of Option: Process and requirements for exercising the purchase option
9. Settlement Process: Procedures and obligations for completing the purchase if option is exercised
10. Default and Remedies: Consequences of default under either the lease or option provisions
11. General Provisions: Standard contract clauses including governing law, notices, and entire agreement
1. Rent Credit: Details of how rental payments may be credited towards the purchase price, if applicable
2. Property Improvements: Terms regarding tenant improvements and how they affect the purchase price
3. Due Diligence: Provisions for property inspection and investigation prior to option exercise
4. Assignment: Terms allowing or restricting the assignment of lease or option rights
5. Mortgage Provisions: Terms addressing existing mortgages or future financing requirements
6. Property Management: Special provisions for property management during the lease term
7. GST Provisions: Specific GST treatment of the lease and potential sale
1. Property Description: Detailed legal description and physical details of the property
2. Payment Schedule: Breakdown of rent payments, option fee, and purchase price calculations
3. Property Condition Report: Detailed report on the condition of the property at lease commencement
4. Maintenance Schedule: Specific maintenance obligations of each party
5. Option Exercise Form: Template form for exercising the purchase option
6. Permitted Use: Detailed description of permitted uses of the property during the lease term
7. Insurance Requirements: Specific insurance requirements for both parties
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