The Lease With Option To Buy agreement is a specialized contract used in the Philippines when parties wish to combine a property lease with a future purchase opportunity. This arrangement is particularly useful for tenants who need immediate occupancy but require time to arrange financing or assess the property's suitability for long-term ownership. The document is structured to comply with Philippine civil law requirements, including the Civil Code, Rent Control Act, and Maceda Law. It's commonly used in both residential and commercial contexts, providing flexibility while protecting both parties' interests. The agreement typically includes detailed provisions for rent calculation, maintenance responsibilities, option exercise procedures, and purchase price determination, often with portions of rent being credited toward the eventual purchase price.
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1. Parties: Identification of the Lessor/Potential Seller and Lessee/Potential Buyer with complete details including legal capacity
2. Background: Context of the agreement, including property details and parties' intentions regarding lease and potential purchase
3. Definitions: Key terms used throughout the agreement, including financial, property-related, and time-period definitions
4. Lease Terms: Core lease provisions including duration, rental amount, payment terms, and periodic increases
5. Property Use and Maintenance: Rights and obligations regarding property usage, repairs, improvements, and maintenance responsibilities
6. Option to Purchase: Terms of the purchase option, including option period, purchase price, and exercise mechanism
7. Option Exercise Process: Detailed procedure for exercising the purchase option, including notices and documentation requirements
8. Financial Terms: Rent allocation, option fee treatment, and how rental payments may apply to purchase price
9. Insurance and Risk: Insurance requirements and allocation of risk during lease period and transition to purchase
10. Default and Remedies: Consequences of default under both lease and option terms, including cure periods
11. Assignment and Subletting: Restrictions and conditions on transferring lease or option rights
12. Termination: Conditions and process for terminating the agreement, both for lease and option components
13. Governing Law and Dispute Resolution: Applicable Philippine laws and dispute resolution mechanisms
14. Notices: Process and requirements for formal communications between parties
15. General Provisions: Standard contract clauses including severability, entire agreement, and amendments
1. Property Management: Required for multi-unit properties or when property management services are involved
2. Utilities and Services: Needed when there are complex arrangements for utility payments or shared services
3. Environmental Matters: Required for industrial properties or properties with environmental concerns
4. Development Rights: Included when property has potential for development or improvement
5. Right of First Refusal: Optional additional right if lessor receives third-party offers during lease term
6. Tax Provisions: Detailed tax arrangements beyond standard provisions, needed for complex commercial arrangements
7. Broker Provisions: Required when real estate brokers are involved in the transaction
1. Property Description: Detailed legal description of the property, including boundaries and improvements
2. Rent Payment Schedule: Detailed breakdown of rent payments, including escalation periods
3. Purchase Price Calculation: Formula for determining final purchase price, including rent credit calculations
4. Property Condition Report: Baseline condition assessment of the property at lease commencement
5. Permitted Use Guidelines: Detailed specifications of allowed property uses and restrictions
6. Insurance Requirements: Specific insurance types and coverage amounts required
7. Form of Option Exercise Notice: Template for formal notice to exercise purchase option
8. Due Diligence Documents: List of required documentation for property transfer upon option exercise
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Residential Property
Commercial Property
Industrial Property
Retail
Agriculture
Hospitality
Office Space
Manufacturing
Warehouse and Storage
Relevant Teams
Legal
Real Estate
Finance
Operations
Facilities Management
Risk and Compliance
Business Development
Asset Management
Property Management
Investment
Relevant Roles
Real Estate Manager
Property Manager
Legal Counsel
Contract Administrator
Chief Financial Officer
Real Estate Developer
Facilities Manager
Asset Manager
Business Development Manager
Operations Director
Risk Manager
Compliance Officer
Real Estate Agent
Property Consultant
Investment Manager
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