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1. Parties: Identifies and provides full legal names and addresses of all parties involved - the Property Owner/Seller-Landlord and the Tenant-Buyer
2. Background: Establishes the context of the agreement, including the property owner's willingness to lease and provide an option to purchase, and the tenant-buyer's interest in the same
3. Definitions: Defines key terms used throughout the agreement including Property, Option Period, Purchase Price, Option Fee, Rent, etc.
4. Property Description: Detailed description of the property including legal description, address, and any inclusions or exclusions
5. Lease Terms: Specifies the lease duration, monthly rent amount, security deposit, maintenance responsibilities, and other standard lease provisions
6. Option Terms: Details of the option to purchase, including option period, option fee, and how/when the option can be exercised
7. Purchase Price and Terms: Specifies the agreed purchase price if option is exercised, any rent credits, and payment terms
8. Exercise of Option: Procedures and requirements for exercising the option to purchase
9. Default and Remedies: Consequences of default under either the lease or option provisions and available remedies
10. Assignment and Subletting: Provisions regarding the ability to assign or transfer rights under the agreement
11. Notices: How and where formal notices between parties must be delivered
12. Governing Law: Specifies that Canadian law and the law of the relevant province governs the agreement
13. Execution: Signature blocks and execution requirements
1. Rent Credit Provisions: Used when a portion of the rent payments will be credited toward the purchase price
2. Property Inspection: Used when specific inspection requirements or findings need to be addressed
3. Mortgage Contingency: Used when the option exercise is contingent on the tenant-buyer obtaining financing
4. Property Management: Used when specific property management arrangements need to be detailed
5. Insurance Requirements: Used when specific insurance requirements beyond standard lease requirements are needed
6. Home Warranty: Used when a home warranty is being provided or required
7. Renovation Provisions: Used when the tenant-buyer is permitted to make improvements to the property
8. Early Purchase Option: Used when allowing the option to be exercised before the end of the lease term
1. Schedule A - Property Description: Detailed legal description of the property and list of included fixtures and fittings
2. Schedule B - Rent Payment Schedule: Detailed breakdown of rent payments, due dates, and any rent escalation provisions
3. Schedule C - Option Fee Calculation: Breakdown of option fee and how it applies to purchase price
4. Schedule D - Property Condition Report: Detailed report on the condition of the property at lease commencement
5. Schedule E - Maintenance Responsibilities: Detailed breakdown of maintenance and repair responsibilities
6. Appendix 1 - Property Photos: Photographic record of property condition
7. Appendix 2 - Required Insurance Certificates: Copies of required insurance certificates
8. Appendix 3 - Property Rules and Regulations: Any specific rules or regulations applying to the property or its use
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Asset Management
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