The Lease Purchase Agreement Property is a specialized legal instrument used in New Zealand real estate transactions where parties wish to combine leasing with a future property purchase. This arrangement is particularly suitable for buyers who need time to arrange financing or build up a deposit, while securing their right to purchase the property. The document comprehensively addresses both the interim leasing phase and the eventual purchase, including rental payments, purchase price, maintenance obligations, and transition conditions. It must comply with New Zealand's Property Law Act 2007, Residential Tenancies Act 1986, and other relevant legislation. This type of agreement offers flexibility while providing security for both parties, making it an increasingly popular option in the New Zealand property market.
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1. Parties: Identification of the Owner/Seller (Lessor) and the Tenant/Buyer (Lessee), including full legal names and addresses
2. Background: Context of the agreement, including property details and the intention to combine leasing with future purchase
3. Definitions: Key terms used throughout the agreement, including specific financial and property-related terminology
4. Property Details: Comprehensive description of the property, including legal description, title details, and any inclusions/exclusions
5. Lease Terms: Duration of lease period, rental payments, and maintenance responsibilities during the lease phase
6. Purchase Terms: Agreed purchase price, credit for rental payments, and conditions for exercising purchase option
7. Payment Structure: Detailed breakdown of payments, including rent, option fees, and purchase price calculations
8. Maintenance and Repairs: Responsibilities for property maintenance during the lease period and condition requirements for purchase
9. Insurance and Rates: Requirements for insurance coverage and responsibility for property rates during lease period
10. Default and Remedies: Consequences of default under either lease or purchase terms and available remedies
11. Assignment and Subletting: Restrictions on transferring rights under the agreement
12. Notices: Process for formal communications between parties
13. Governing Law: Confirmation of New Zealand law application and jurisdiction
14. Execution: Signing requirements and execution formalities
1. Guarantees: Required when there are personal or corporate guarantors for the tenant/buyer's obligations
2. Property Management: Include when a property manager will be involved during the lease period
3. Body Corporate: Required for properties under a body corporate structure, detailing relevant rules and obligations
4. Special Conditions: Any unique terms specific to the particular transaction or property
5. Renovation Terms: Include if the tenant/buyer is permitted to make improvements during the lease period
6. Early Purchase Option: Terms for exercising the purchase option before the scheduled end of the lease period
7. Mortgage Arrangements: Include when there are specific requirements regarding future mortgage financing
1. Property Schedule: Detailed property description, including photographs and condition report
2. Payment Schedule: Comprehensive breakdown of all payments, including rent, purchase price, and credit calculations
3. Maintenance Schedule: Detailed list of maintenance responsibilities and standards
4. Fixtures and Fittings: Inventory of included items and their condition
5. Special Conditions Schedule: Any additional terms or conditions specific to the agreement
6. Required Insurance Schedule: Details of mandatory insurance coverage during lease period
7. Property Inspection Report: Initial condition report and any identified issues
8. Title Documents: Copy of title and relevant property documents
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