A lease purchase contract is a document which is a purchase contract drafted when a property is taken on lease from the owner. As per this contract the buyer pays the seller a non refundable amount and holds right to the property till the lease or contract is over. The two parties entering into this contract are known as the landlord and the tenant.
Sample Lease Purchase Contract:
The contract has been prepared on 21st November, 2010 between the Landlord, Jack Ripper and the Tenant, Jim Beans. The Landlord hereby leases the Tenant the property located at 4523 Sanders Road in the city of Tennessee in the state of Los Angeles with the pin code 8965. The premise will leased to the Tenant for a contract of twenty years at a price of $100000.
The Tenant needs to abide by the following terms and conditions:
- He needs to pay the complete amount in advance before possession of the property.
- The tenant needs to make sure that pest control is done at least once in every three months.
- Any damages occurring to the premise after possession will be borne by the tenant.
- Any damage caused to the premise before the possession will be borne by the Landlord.
- The annual insurance premium for the premise will also be borne by the Tenant.
- Either of the parties can cancel the contract at any time of the lease prior to which they need to give a notice period of one month.
Jack Ripper Jim Beans
Dated: 21st November, 2010 Dated: 21st November, 2010