Document background
The Lease Agreement With Option to Purchase is a specialized legal document used in Ireland when a property owner wishes to lease their property while simultaneously granting the tenant an exclusive option to purchase the property during or at the end of the lease term. This agreement is particularly useful in situations where immediate purchase isn't feasible or desired, but there's interest in securing future purchase rights. The document combines elements of both lease and sale agreements, incorporating specific requirements under Irish property law, including provisions from the Residential Tenancies Act 2004 and the Land and Conveyancing Law Reform Act 2009. It provides protection for both parties by clearly defining the terms of the lease, the conditions under which the purchase option can be exercised, and the process for completing the property transfer. This type of agreement is commonly used in both residential and commercial contexts, requiring careful consideration of property valuation, option pricing, and legal compliance.
