Oftentimes, people who wish to purchase a commercial property may not have the needed money or financing at that time and may end up leasing the property but with the option of purchasing it later on.
In such cases, the contract that gets formulated between the commercial property owner and the lessee is known as a commercial lease to purchase contract. Such contracts work like regular lease contracts but with the only difference that the lessee gets the option to purchase the commercial property as well at a certain rate which is specified or decided by the lessor or owner of the property.
A commercial lease to purchase contract mentions clearly that the lessee can opt to buy the property but under some conditions or terms. If the lessee does not satisfy those conditions, then he/she may not be eligible to opt for purchasing. These contracts should give complete details of the involved parties as well as that of the property which has been put on lease.
The document must also include the leasing amount, the commencement date of lease, the termination date of lease as well as the signatures of the lessor and the lessee at the end to showcase their consent.