A residential lease purchase agreement is a document which is framed when a party agrees to lease a residential property to another party on the basis of certain terms and conditions which are legal in nature and the party who violates the agreement can be held chargeable under law.
Sample Residential Lease Purchase Agreement:
This agreement has been made effective as on 5th June 2011
Duration of agreement: 12 months
This agreement has been made between the parties whose details are given as follows:
Name: Mr. Paul Brown
Address: W-8, first floor, Sarah tower, London
Contact number: 47093709705
Name: Mr. Daniel Radcliff
LESSOR owns a residential property which he agrees to lease it to the LESSEE for 12 months.
Address: 4-g, second floor, Bean estate, London
Contact number: 4739583943290
Details of the residential property:
Address: 2-h, marks avenue, London
Monthly rent: $ 10000
Total rent: $120000
The following are the terms and conditions of the agreement:
The LESSEE cannot under any circumstances sell or sublease the property to any other party or person.
The LESSEE cannot use the property for any other purpose except for residential use.
The LESSOR must ensure that the documents of insurance such as fire insurance, natural disaster insurance etc are handed over to the LESSEE on the effective date.
The LESSOR has the right to inspect the residential property after informing the LESSEE.
The Lessee shall be provided with services such as water supply, electricity and internet access.
Both the parties hereby agree to the terms and conditions of the agreement: