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Lease And Purchase Agreement Template for Ireland

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Key Requirements PROMPT example:

Lease And Purchase Agreement

"I need a Lease and Purchase Agreement for a commercial warehouse property in Dublin, with a 2-year initial lease term starting March 1, 2025, and an option to purchase at a fixed price of €2.5M, where 50% of the monthly rent payments will count towards the final purchase price."

Document background
The Lease And Purchase Agreement is a sophisticated legal instrument used in Irish property transactions where parties wish to combine a lease arrangement with a future purchase option. This document is particularly useful in situations where immediate purchase isn't feasible or desired, but there's an interest in securing future ownership rights. It's commonly used in both commercial and residential contexts, providing flexibility while protecting both parties' interests. The agreement must comply with Irish property law, including the Land and Conveyancing Law Reform Act 2009 and relevant tenancy legislation. It typically includes detailed provisions for rent payments, maintenance obligations, option exercise procedures, and purchase price calculations, often incorporating rent-to-purchase credits. This type of agreement is particularly relevant in the current Irish property market, where businesses and individuals seek flexible property acquisition arrangements.
Suggested Sections

1. Parties: Identification of the Lessor/Seller and Lessee/Purchaser with full legal names and addresses

2. Background: Context of the agreement, including property details and intention to enter into a lease-purchase arrangement

3. Definitions: Definitions of key terms used throughout the agreement, including Property, Lease Period, Purchase Price, etc.

4. Lease Terms: Duration of lease, rent amount, payment terms, and lease renewal conditions

5. Purchase Option: Terms of the purchase option, including purchase price, option exercise period, and mechanism for exercising the option

6. Rent Credit: Details of how rental payments will be credited towards the purchase price, if applicable

7. Property Use and Maintenance: Rights and obligations regarding property use, maintenance responsibilities, and prohibited activities

8. Insurance and Risk: Insurance requirements and allocation of risk during the lease period

9. Default and Remedies: Events of default under both lease and purchase provisions, and corresponding remedies

10. Assignment and Subletting: Restrictions on assignment of rights or subletting the property

11. Notices: Process and requirements for serving notices between parties

12. Governing Law: Confirmation of Irish law as governing law and jurisdiction

13. Execution: Signature blocks and execution formalities

Optional Sections

1. Break Clause: Optional early termination provisions, used when parties want flexibility to end the agreement early

2. Property Improvements: Terms regarding tenant improvements and their impact on purchase price, used when improvements are anticipated

3. Management Company Provisions: Required for properties subject to management company arrangements

4. Mortgage Contingency: Used when purchase option exercise is contingent on obtaining mortgage financing

5. Environmental Provisions: Detailed environmental terms, used for properties with potential environmental concerns

6. Planning Permissions: Required when property use depends on specific planning permissions or changes

7. Service Charge Provisions: Used for properties with service charges or management fees

Suggested Schedules

1. Schedule 1 - Property Description: Detailed description of the property including boundaries, maps, and floor plans

2. Schedule 2 - Rent Payment Schedule: Detailed breakdown of rent payments and purchase credit calculations

3. Schedule 3 - Condition Report: Initial condition report of the property with photographs

4. Schedule 4 - Permitted Use: Detailed description of permitted use of the property

5. Schedule 5 - Fixtures and Fittings: Inventory of fixtures and fittings included in the lease and purchase

6. Appendix A - Form of Option Notice: Template for exercising the purchase option

7. Appendix B - Service Specifications: Details of any services provided with the property

8. Appendix C - Planning Documentation: Copies of relevant planning permissions and certificates

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions































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Relevant Industries

Real Estate

Commercial Property

Residential Property

Retail

Industrial

Office Space

Agriculture

Hospitality

Healthcare

Education

Relevant Teams

Legal

Real Estate

Finance

Operations

Facilities Management

Risk and Compliance

Commercial

Property Management

Business Development

Asset Management

Relevant Roles

Real Estate Manager

Property Manager

Legal Counsel

Commercial Director

Facilities Manager

Chief Financial Officer

Business Development Manager

Operations Director

Asset Manager

Property Developer

Leasing Manager

Contract Administrator

Risk Manager

Compliance Officer

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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