Lease Purchase Agreement Property

Lease Purchase Agreement Property Template for Malaysia

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Key Requirements PROMPT example:

"I need a Lease Purchase Agreement Property for a residential condominium in Kuala Lumpur, with a 12-month lease starting March 1, 2025, and purchase option exercisable after 6 months, including provisions for early purchase and Islamic financing compliance."

Document background

The Lease Purchase Agreement Property is a specialized legal instrument used in Malaysian property transactions when parties wish to combine a lease arrangement with a future purchase option. This agreement type is particularly useful for buyers who need time to arrange financing or prefer to occupy the property before completing the purchase, while sellers benefit from secured rental income with a committed future sale. The document must comply with Malaysian property law, including the National Land Code 1965, Contracts Act 1950, and relevant state regulations. It typically includes comprehensive terms covering both the lease period (including rental payments, maintenance, and property use) and the purchase option (including price, exercise period, and completion requirements). This agreement type is commonly used in both residential and commercial property transactions, and can be structured to accommodate conventional or Islamic financing requirements.

Suggested Sections

1. Parties: Identification of the lessor/seller and lessee/purchaser with full legal names and details

2. Background: Context of the agreement and brief description of the property and transaction structure

3. Definitions: Key terms used throughout the agreement including Property, Purchase Price, Lease Term, Option Period

4. Property Details: Complete legal description of the property including title details and registration information

5. Lease Terms: Rental amount, payment schedule, lease duration, and maintenance responsibilities

6. Purchase Option Terms: Purchase price, option exercise period, and conditions for exercising the purchase option

7. Payment Structure: Details of rent payments, option fees, and how payments contribute to the purchase price

8. Property Condition and Maintenance: Current condition, maintenance responsibilities, and permitted modifications

9. Insurance and Risk: Required insurance coverage and allocation of risk during the lease period

10. Default and Remedies: Events of default and corresponding remedies for both parties

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

12. Completion of Purchase: Procedures and requirements for completing the property purchase

13. Representations and Warranties: Standard warranties about property ownership, authority to contract, and property condition

14. Governing Law: Specification of Malaysian law as governing law and jurisdiction

Optional Sections

1. Strata Title Provisions: Additional terms specific to strata properties, used when the property is an apartment or condominium

2. Tenant Improvements: Terms governing any improvements the tenant wishes to make, used when improvements are anticipated

3. Property Management: Terms regarding property management services, used for properties within managed communities

4. Early Purchase Option: Terms for exercising the purchase option before the standard option period, used when early purchase is allowed

5. Assignment and Subletting: Terms governing the ability to assign or sublet, used when these rights are granted

6. Religious Requirements: Specific terms related to Islamic finance principles, used when parties require Shariah compliance

Suggested Schedules

1. Schedule 1 - Property Description: Detailed legal description of the property including lot number, title details, and floor plan

2. Schedule 2 - Payment Schedule: Detailed breakdown of all payments including rental payments, option fees, and purchase price components

3. Schedule 3 - Property Condition Report: Detailed inventory and condition assessment of the property at lease commencement

4. Schedule 4 - Permitted Use: Specific terms regarding how the property may be used during the lease period

5. Schedule 5 - Option Exercise Notice: Form of notice to be used when exercising the purchase option

6. Appendix A - Required Insurance: Detailed specifications of required insurance coverage

7. Appendix B - Property Rules and Regulations: Any applicable rules and regulations, particularly relevant for managed properties

Authors

Alex Denne

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Property Development

Banking and Finance

Legal Services

Property Management

Construction

Investment

Residential Housing

Commercial Property

Islamic Finance

Relevant Teams

Legal

Real Estate

Property Management

Finance

Compliance

Risk Management

Operations

Facilities Management

Investment

Business Development

Relevant Roles

Property Manager

Real Estate Agent

Legal Counsel

Property Developer

Financial Advisor

Bank Manager

Investment Manager

Compliance Officer

Contract Administrator

Asset Manager

Facilities Manager

Real Estate Investment Manager

Property Valuer

Transaction Manager

Risk Manager

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