Document background
The Lease Purchase Agreement (Real Estate) is a specialized legal instrument used in Pakistan when parties wish to combine a property lease with a future purchase option. This arrangement is particularly useful when immediate purchase isn't feasible or desired, but there's interest in securing future ownership rights. The document must comply with Pakistani property law, including the Transfer of Property Act 1882 and Registration Act 1908, and often needs to consider Islamic financing principles. It details lease terms, purchase option conditions, property maintenance responsibilities, and how rental payments contribute to the eventual purchase price. This agreement type is commonly used in both residential and commercial property transactions, providing flexibility while securing both parties' interests under Pakistani jurisdiction.
