The Lease Option Agreement Property For Sale is a specialized legal instrument used in the Philippine real estate market when a property owner wishes to lease their property while simultaneously granting the lessee an exclusive option to purchase it during or after the lease term. This document is particularly useful in situations where potential buyers need time to arrange financing or want to "try before they buy." It must comply with Philippine property law, including the Civil Code and relevant real estate regulations, and typically includes detailed provisions for both the lease period (rent, maintenance, utilities) and the purchase option (option fee, purchase price, exercise conditions). The agreement provides security for both parties: the owner maintains regular rental income while potentially securing a future sale, and the lessee gains immediate occupancy rights with the exclusive opportunity to purchase the property under pre-agreed terms.
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1. Parties: Identification and details of the Lessor/Property Owner and Lessee/Potential Buyer
2. Background: Context of the agreement, including property overview and parties' intentions regarding lease and potential sale
3. Definitions: Key terms used throughout the agreement including Property, Option Period, Purchase Price, Lease Term, etc.
4. Property Description: Detailed description of the property subject to lease and option, including exact location and specifications
5. Lease Terms: Terms and conditions of the lease including duration, rental amount, payment terms, and maintenance responsibilities
6. Option to Purchase: Details of the purchase option including option period, exercise price, and mechanism for exercising the option
7. Option Fee: Amount and payment terms of the option fee, and whether it will be credited towards the purchase price
8. Exercise of Option: Process and requirements for exercising the purchase option, including notice requirements and timeframes
9. Property Maintenance and Repairs: Responsibilities for 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 Remedies: Consequences of default under either the lease or option provisions and available remedies
12. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
13. Execution: Signature blocks and execution requirements including notarization provisions
1. Property Management: Additional section when property management services are included in the agreement
2. Utilities and Services: Detailed section when utility responsibilities need specific allocation
3. Subletting Provisions: Required when subletting is to be allowed or specifically prohibited
4. Home Owners Association: Included when property is part of a managed community with specific rules and regulations
5. Option Extension: Include when parties want to allow for possible extension of the option period
6. Financing Contingencies: Include when purchase option exercise is subject to buyer obtaining financing
7. Property Inspection: Detailed inspection rights and procedures when specific inspection requirements are needed
8. Transfer of Option Rights: Include when transfer or assignment of option rights is to be permitted
1. Schedule A - Property Details: Detailed property description, including lot number, boundaries, and technical specifications
2. Schedule B - Lease Payment Schedule: Detailed breakdown of lease payments, including due dates and amounts
3. Schedule C - Property Condition Report: Detailed assessment of property condition at lease commencement
4. Schedule D - Option Exercise Form: Template form for exercising the purchase option
5. Schedule E - Property Title Documents: Copies of relevant property title documents and certifications
6. Schedule F - Maintenance Schedule: Detailed maintenance responsibilities and schedules
7. Appendix 1 - Property Photos: Photographic documentation of property condition
8. Appendix 2 - Required Insurance: Detailed insurance requirements and specifications
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Insurance
Property Management
Legal Services
Property Investment
Commercial Real Estate
Residential Real Estate
Relevant Teams
Legal
Real Estate Operations
Property Management
Asset Management
Contract Administration
Property Acquisitions
Risk Management
Finance
Compliance
Business Development
Relevant Roles
Real Estate Agent
Property Manager
Legal Counsel
Real Estate Broker
Property Developer
Asset Manager
Financial Advisor
Contract Administrator
Real Estate Investment Manager
Property Acquisition Manager
Leasing Manager
Real Estate Operations Director
Real Estate Attorney
Property Portfolio Manager
Real Estate Transaction Coordinator
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