Document background
The Residential Lease Agreement With Option to Purchase is designed for situations where a property owner wishes to lease their residential property while giving the tenant the exclusive right to purchase it during or at the end of the lease term. This document is particularly useful in Canadian jurisdictions where potential buyers may need time to arrange financing or improve their credit position before purchasing. It provides a structured pathway to homeownership while generating rental income for the property owner. The agreement must comply with provincial residential tenancy laws and real estate regulations, including specific requirements for option contracts and property transfers. It typically includes detailed terms about the rental period, purchase option terms, property maintenance, option fees, purchase price determination, and the specific process for exercising the purchase option. This type of agreement requires careful consideration of both rental and purchase aspects to protect all parties' interests and ensure legal enforceability.
