How Do I Write a Lease Purchase Agreement?

Before we get into the mechanics of writing a lease purchase agreement, it might be a great idea for us to acquaint ourselves with what the lease purchase itself is, in the first place. Turns out that the lease agreement is one of the innovative ways of doing business in the property market; which is essentially a blend of the traditional lease and the traditional house selling arrangement: such that the way at its core, the lease purchase is an agreement where the property owner leases it out to another person/entity, while also giving the lessee the option of purchasing the property at the end of the lease.

Like all transactions in the property market, the lease-purchase calls for quite a bit of paperwork; especially in the form of the documents that make up for the lease purchase agreement.

Now in answer to the question as to how to write a lease-purchase agreement, the best advice would be to consider making use of a property attorney, rather than trying to do it yourself, because this is a highly complex legal document, and a very sensitive one at that: which you simply can’t afford to get wrong. And you need not fear too much that engaging a property attorney to help you in writing a lease purchase agreement; because most property attorneys don’t charge too much for this kind of service, and some will even offer to do it for free provided you engage them as your legal advisers for the transaction, an arrangement where they get a small portion of the money you ultimately make out of your property sale.

But even where you engage a property attorney to do the lease-purchase agreement for you, it is still upon you to ensure that the document they finally come up with is one that is acceptable to both you and the other party (the lessee/prospective house buyer in case you are the property owner). In this regard, a number of things should come out very clearly in the lease purchase agreement, if it is to be considered a well done document.

One thing that you cannot afford to get wrong in drawing up the lease-purchase agreement (and which many people pay scant attention to) is the description of the property in question. This becomes extremely relevant in case the transaction becomes a matter of court dispute, where the lease purchase agreement drawn in getting into it is usually brought before the court and interrogated: and where having gotten the description of the property wrong could see a case you had a good chance of winning being thrown out on a technicality.

Needless to say, another thing you cannot afford to get wrong in drawing up the lease purchase agreement is the figures (money figures, that is). Issues to do with what portion of the money that the lessee is to be paying monthly is to go into paying the deposit for the house and what portion is to be ordinary rent for the house have to come out very clearly in your lease purchase agreement.

Exit clauses are the other element of the lease purchase agreement you cannot afford to get wrong. These have to do with what is to happen in the event of one of the parties to the agreement wanting to pull out of the deal; and you need to pay very close attention to this part of the lease purchase agreement, knowing that this is the part of these types of agreements from which the greatest number of disputes tend to stem.

No need to spend fortune on lease purchase agreement. Find it easily at http://www.leasepurchasemadeeasy.com/