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Lease Option Agreement Property For Sale Template for Ireland

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Key Requirements PROMPT example:

Lease Option Agreement Property For Sale

"I need a Lease Option Agreement Property For Sale for a commercial retail space in Dublin, with a 2-year lease term starting March 1, 2025, and an option to purchase the property at €750,000, where 25% of the paid rent will count towards the purchase price."

Document background
The Lease Option Agreement Property For Sale is a specialized legal instrument used in Irish property transactions where a property owner wishes to lease their property while simultaneously granting the tenant an exclusive right to purchase it. This arrangement is particularly useful in situations where immediate sale is not preferred or possible, or where the potential buyer needs time to arrange financing or evaluate the property through actual occupation. The agreement must comply with Irish property law and includes detailed terms for both the lease period and the purchase option, including rent payments, option price, duration of the option period, and conditions for exercising the purchase right. It provides flexibility for both parties while establishing clear legal obligations and rights under Irish jurisdiction. The document is commonly used in both residential and commercial property transactions, requiring careful consideration of various legal aspects including the Land and Conveyancing Law Reform Act 2009, tenant rights, and property transfer regulations.
Suggested Sections

1. Parties: Identification of the Property Owner/Landlord and the Tenant/Option Holder

2. Background: Context of the agreement, including property details and purpose of the arrangement

3. Definitions: Definitions of key terms used throughout the agreement

4. Grant of Lease: Terms and conditions of the lease, including duration and permitted use

5. Rent and Other Payments: Rental amount, payment terms, deposits, and other financial obligations

6. Option to Purchase: Terms of the purchase option, including option period and exercise process

7. Purchase Price: Agreed purchase price and any adjustments or credits from lease payments

8. Exercise of Option: Process and requirements for exercising the purchase option

9. Tenant Covenants: Obligations and responsibilities of the tenant during the lease period

10. Landlord Covenants: Obligations and responsibilities of the landlord during the lease period

11. Property Condition: State of the property and maintenance responsibilities

12. Insurance and Risk: Insurance requirements and allocation of risk

13. Default and Remedies: Consequences of breach and available remedies

14. Termination: Circumstances and process for termination of the agreement

15. Notices: Process for formal communications between parties

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

17. Execution: Signature blocks and execution formalities

Optional Sections

1. Assignment and Subletting: Include when transfer rights need to be addressed specifically

2. Planning Permissions: Include when property requires specific planning considerations or permits

3. Management Company Provisions: Include for properties within managed developments

4. Break Clause: Include when early termination options are needed

5. Rent Review: Include for longer lease terms requiring rent adjustment mechanisms

6. Environmental Matters: Include when property has specific environmental considerations

7. VAT Provisions: Include when VAT implications need to be addressed

8. Mortgage Contingency: Include when purchase option is subject to mortgage approval

Suggested Schedules

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

2. Schedule 2 - Fixtures and Fittings: Inventory of items included/excluded in lease and potential sale

3. Schedule 3 - Rent Payment Schedule: Detailed breakdown of rent payments and due dates

4. Schedule 4 - Option Price Calculation: Formula for calculating final purchase price including rent credits

5. Schedule 5 - Property Title Documents: List of relevant title documents and encumbrances

6. Appendix A - Property Plans: Maps, floor plans, and other property diagrams

7. Appendix B - Condition Report: Initial property condition documentation with photographs

8. Appendix C - Required Repairs: List of any repairs or improvements required before sale completion

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

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Relevant Industries

Real Estate

Property Development

Residential Property

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Relevant Teams

Legal

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Risk Management

Operations

Facilities

Investment

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Relevant Roles

Property Lawyer

Real Estate Agent

Property Manager

Legal Counsel

Contract Manager

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Investment Manager

Facilities Manager

Compliance Officer

Real Estate Investment Director

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