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Lease To Own Property Agreement
I need a Lease to Own Property Agreement for a 2-bedroom apartment in Dubai Marina, with a 3-year lease period starting March 1, 2025, monthly payments of AED 12,000, and an option to purchase at AED 2.5 million with 25% of lease payments counted toward the purchase price.
1. Parties: Identification of the Property Owner/Seller and the Tenant/Prospective Buyer, including full legal names and details
2. Background: Context of the agreement, including property status and parties' intention to enter into a lease-to-own arrangement
3. Definitions: Key terms used throughout the agreement, including Property, Purchase Price, Lease Payments, Option Fee, etc.
4. Property Details: Comprehensive description of the property including location, size, and registration details
5. Lease Terms: Duration of lease, monthly payments, maintenance responsibilities, and usage conditions
6. Purchase Option: Terms of the purchase option, including option period, exercise process, and purchase price calculation
7. Payment Structure: Breakdown of payments including lease payments, option fees, and how payments contribute to the purchase price
8. Transfer of Ownership: Process and conditions for transferring property ownership upon exercise of purchase option
9. Maintenance and Repairs: Responsibilities for property maintenance, repairs, and improvements during the lease period
10. Insurance and Risk: Requirements for property insurance and allocation of risk during the lease period
11. Default and Termination: Consequences of default by either party and conditions for agreement termination
12. Governing Law and Jurisdiction: Specification of UAE law application and dispute resolution procedures
1. Sharia Compliance: Section specifying compliance with Islamic finance principles, required if the agreement needs to be Sharia-compliant
2. Property Management: Detailed management terms for properties in managed communities or buildings
3. Renovation Rights: Terms for property modifications during the lease period, important for properties requiring renovation
4. Sub-letting Provisions: Terms regarding sub-letting rights, if permitted under the agreement
5. Early Purchase Option: Terms for early exercise of the purchase option, if applicable
6. Property Association Rules: Reference to community or building rules, required for properties in managed communities
7. Mortgage Arrangements: Terms relating to existing or future mortgage arrangements, if applicable
1. Schedule 1 - Property Details: Detailed property specification, including floor plans, boundaries, and included fixtures
2. Schedule 2 - Payment Schedule: Detailed breakdown of all payments including lease payments, option fees, and purchase price calculations
3. Schedule 3 - Property Condition Report: Initial condition assessment of the property with photographs and descriptions
4. Schedule 4 - Maintenance Responsibilities: Detailed list of maintenance and repair responsibilities for each party
5. Schedule 5 - Required Insurance: Specific insurance requirements and coverage details
6. Appendix A - Property Title Documents: Copies of relevant property ownership and registration documents
7. Appendix B - Property Rules and Regulations: Applicable community or building rules and regulations
8. Appendix C - Form of Transfer Documents: Template documents required for final property transfer
Authors
Real Estate
Property Development
Banking & Financial Services
Property Management
Legal Services
Insurance
Construction
Property Investment
Islamic Finance
Legal
Real Estate
Finance
Compliance
Risk Management
Sales
Business Development
Property Management
Asset Management
Investment
Operations
Real Estate Manager
Property Developer
Legal Counsel
Real Estate Agent
Property Manager
Financial Controller
Compliance Officer
Investment Manager
Asset Manager
Sales Director
Business Development Manager
Contract Manager
Risk Manager
Islamic Finance Specialist
Property Valuation Expert
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