The Purchase Lease Option agreement is a sophisticated legal instrument used in the Philippine real estate market when a party wishes to lease a property while maintaining the exclusive right to purchase it within a specified timeframe. This arrangement is particularly useful for buyers who need time to arrange financing or assess the property's suitability for their long-term needs, while securing the right to purchase at a predetermined price. The document must comply with Philippine real estate laws, including the Civil Code of the Philippines and the Maceda Law, particularly regarding installment purchases and property rights. It's commonly used in both residential and commercial contexts, providing flexibility for tenants while offering property owners a committed potential buyer. The agreement includes detailed provisions for lease terms, option exercise procedures, purchase price calculations, and the treatment of lease payments in relation to the final purchase price.
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1. Parties: Identification of the lessor/seller and lessee/potential buyer, including complete legal names, addresses, and tax identification numbers
2. Background: Context of the agreement, including property description and parties' intentions regarding lease and potential purchase
3. Definitions: Key terms used throughout the agreement, including technical and legal terminology
4. Lease Terms: Duration of lease, rental amount, payment schedule, security deposit, and other standard lease provisions
5. Property Description: Detailed description of the property including location, boundaries, and improvements
6. Option to Purchase: Terms of the purchase option, including option price, duration, and exercise conditions
7. Option Fee: Amount of option fee, payment terms, and whether it applies to purchase price
8. Exercise of Option: Process and requirements for exercising the purchase option
9. Purchase Price and Payment: Total purchase price, payment terms, and treatment of lease payments towards purchase
10. Maintenance and Repairs: Responsibilities for property maintenance during the lease period
11. Insurance and Risk: Insurance requirements and allocation of risk during lease period
12. Default and Remedies: Consequences of default under either lease or option terms
13. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional matters
14. Signatures: Execution block for all parties and witnesses
1. Property Management: Additional terms regarding property management if third-party management is involved
2. Utilities and Services: Detailed provisions about utility responsibilities if not covered in main lease terms
3. Improvements: Terms regarding tenant improvements and their treatment upon purchase or lease termination
4. Assignment and Subletting: Terms allowing or restricting transfer of lease or option rights
5. Environmental Matters: Environmental warranties and indemnities for commercial properties
6. Broker Provisions: Terms regarding real estate broker involvement and commissions
7. Right of First Refusal: Additional rights if seller receives third-party offers during option period
8. Financing Contingencies: Conditions related to buyer's ability to obtain financing for purchase
1. Schedule A - Property Details: Detailed property description, including technical specifications and boundaries
2. Schedule B - Lease Payment Schedule: Detailed breakdown of lease payments and due dates
3. Schedule C - Property Condition Report: Documentation of property condition at lease commencement
4. Schedule D - Permitted Uses: Specific allowed and prohibited uses of the property
5. Schedule E - Option Exercise Form: Template form for exercising the purchase option
6. Appendix 1 - Property Documents: Copy of title, tax declarations, and other property documents
7. Appendix 2 - Insurance Requirements: Detailed insurance specifications and coverage requirements
8. Appendix 3 - Maintenance Schedule: Detailed maintenance responsibilities and schedules
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Residential Property
Retail
Industrial
Office Space
Agriculture
Hospitality
Manufacturing
Warehouse and Distribution
Relevant Teams
Legal
Real Estate
Finance
Operations
Compliance
Risk Management
Facilities Management
Business Development
Asset Management
Property Management
Relevant Roles
Real Estate Manager
Property Manager
Legal Counsel
Corporate Lawyer
Real Estate Broker
Business Development Manager
Chief Financial Officer
Facilities Manager
Asset Manager
Contract Administrator
Risk Manager
Compliance Officer
Real Estate Director
Investment Manager
Operations Manager
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