The Lease Purchase Contract serves as a hybrid instrument in U.S. real estate transactions, offering flexibility to both property owners and potential buyers. This contract type is particularly useful when buyers need time to arrange financing or want to test the property before committing to purchase. The agreement details lease payments (often with a portion applying to the purchase price), maintenance responsibilities, and specific terms for exercising the purchase option. It must comply with both federal regulations and state-specific property laws, making it essential to tailor the agreement to the relevant jurisdiction.
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1. Parties: Identification and details of the lessor and lessee
2. Background: Context of the transaction and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the property being leased/purchased
5. Purchase Price and Payment Terms: Total purchase price, lease payments, and purchase option details
6. Term of Agreement: Duration of lease period and purchase option exercise period
7. Maintenance and Repairs: Responsibilities for property maintenance and repairs
8. Insurance Requirements: Required insurance coverage and responsibilities
9. Default and Remedies: Consequences of default and available remedies
1. Financing Provisions: Terms of financing when seller provides financing
2. Property Management: Terms for property management during lease period, typically used for commercial properties or when management services are included
3. Environmental Provisions: Environmental compliance and responsibilities, used for commercial properties or properties with environmental concerns
1. Property Description Schedule: Detailed legal description of the property
2. Payment Schedule: Detailed breakdown of lease payments and purchase price allocation
3. Property Condition Report: Documentation of property condition at lease commencement
4. Insurance Requirements Schedule: Detailed insurance coverage requirements
5. Title Report: Current title report showing encumbrances and restrictions
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