Document background
The Lease And Purchase Agreement serves as a vital legal instrument in Pakistani property transactions, offering a flexible approach to property acquisition through an initial lease period followed by a purchase option. This document is particularly useful when parties wish to arrange a gradual transition to ownership, whether for commercial or residential properties. It addresses the complexities of both leasing and purchasing under Pakistani law, incorporating requirements from relevant legislation such as the Transfer of Property Act 1882, Contract Act 1872, and Registration Act 1908. The agreement is commonly used in situations where immediate purchase isn't feasible or desired, allowing the lessee to occupy the property while building equity towards ownership. It contains comprehensive terms covering lease payments, maintenance obligations, purchase price determination, conditions for exercising the purchase option, and the final transfer process, making it suitable for various property types and transaction scenarios.
