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Lease Agreement With Option To Purchase

Lease Agreement With Option To Purchase Template for Hong Kong

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Key Requirements PROMPT example:

Lease Agreement With Option To Purchase

"I need a Lease Agreement with Option to Purchase for a commercial warehouse in Kwai Chung, Hong Kong, with a 3-year lease term starting March 1, 2025, and an option to purchase the property at a pre-agreed price of HKD 15 million exercisable after the first 18 months of the lease."

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Document background
The Lease Agreement With Option to Purchase is a sophisticated legal instrument used in Hong Kong when parties wish to combine a property lease with a potential future sale. This arrangement is particularly useful for tenants who want to secure the possibility of purchasing the property while having time to arrange financing or assess the property's suitability for their long-term needs. The document addresses both immediate leasing requirements and future purchase considerations, making it suitable for both residential and commercial properties. It must comply with Hong Kong's property laws and regulations, including stamp duty requirements and registration procedures. The agreement typically includes detailed provisions for rent payments, property maintenance, option exercise periods, purchase price calculations, and completion procedures. This type of agreement is commonly used in situations where buyers want to "try before they buy" or need time to secure financing while ensuring they don't lose the opportunity to purchase the property.
Suggested Sections

1. Parties: Identifies and defines the Landlord and Tenant with their full legal names and addresses

2. Background: Explains the context of the agreement, including property ownership and parties' intentions regarding lease and potential purchase

3. Definitions: Defines key terms used throughout the agreement including Property, Term, Rent, Option Period, and Purchase Price

4. Lease Terms: Details the fundamental lease terms including duration, commencement date, and termination provisions

5. Rent and Payments: Specifies rent amount, payment schedule, security deposit, and other financial obligations

6. Option to Purchase: Details the terms of the purchase option, including option period, exercise process, and purchase price calculation

7. Property Use and Maintenance: Outlines permitted use, maintenance responsibilities, and property care obligations

8. Landlord's Covenants: Lists the landlord's obligations and warranties regarding the property

9. Tenant's Covenants: Details tenant's obligations including property care, compliance with regulations, and restrictions

10. Insurance and Liability: Specifies required insurance coverage and liability allocation between parties

11. Default and Remedies: Defines events of default and available remedies for both lease and option terms

12. Completion of Purchase: Outlines the process and requirements for completing the property purchase if option is exercised

13. General Provisions: Includes standard clauses like notices, entire agreement, governing law, and dispute resolution

Optional Sections

1. Rent Review: Include when parties want periodic rent adjustments during the lease term

2. Assignment and Subletting: Include if the tenant may need to assign or sublet the property

3. Break Clause: Include when either party requires the ability to terminate early under specific conditions

4. Renovation and Alterations: Include when tenant plans or is permitted to make property modifications

5. Option Premium: Include if there's a separate payment for the purchase option right

6. Mortgage Provisions: Include if the property is mortgaged or if purchase will require mortgage financing

7. Property Management: Include for properties in managed buildings or complexes

8. Environmental Provisions: Include for properties with specific environmental concerns or requirements

Suggested Schedules

1. Schedule 1 - Property Description: Detailed description of the property including address, boundaries, and included fixtures

2. Schedule 2 - Rent Payment Schedule: Breakdown of rent payments, due dates, and payment methods

3. Schedule 3 - Condition Report: Detailed report of property condition at lease commencement

4. Schedule 4 - Purchase Price Calculation: Formula or method for determining the final purchase price if option is exercised

5. Schedule 5 - Permitted Alterations: List of alterations tenant is permitted to make to the property

6. Appendix A - Property Plans: Floor plans, location maps, and other property diagrams

7. Appendix B - Inventory: List of furniture, fixtures, and equipment included in lease/sale

8. Appendix C - Building Rules: Applicable building rules and regulations if in managed complex

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Real Estate

Commercial Property

Residential Property

Retail

Industrial

Hospitality

Office Space

Manufacturing

Warehousing

Professional Services

Relevant Teams

Legal

Real Estate

Facilities Management

Finance

Operations

Compliance

Property Management

Asset Management

Corporate Services

Risk Management

Relevant Roles

Property Manager

Real Estate Director

Legal Counsel

Facilities Manager

Chief Financial Officer

Operations Director

Asset Manager

Real Estate Investment Manager

Commercial Director

Property Development Manager

Compliance Officer

Contract Manager

Real Estate Agent

Leasing Manager

Corporate Services Manager

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