Legal tip 1258. A clause for rental with option to buy
Tuesday, February 10, 2015 @ 11:16 AM
The clause of the contract you need to use is something like this:
“The parties agree that before the term of the present contract, ...........YEARS, comes to an end, the tenant should be able to acquire the property of the real estate – object of this lease.
To purchase the property, the tenant must formally inform the landlord about it within the last month before the date of expiration.
In case of possible purchase the sale price of the dwelling would be (HERE is where most flexibility and adapatation to market rules are advised) the normal market price of the said moment. This price will be reduced by the amounts already paid as rentals.
The sale of the real estate would be formalized by a public deed, free of charges. And the payment of the whole agreed price must be done in the moment of the deed signature.
Expenses and taxes originated by the sale would meet the requirements of the Civil Code.
Any of the parties shall be able to register this lease to purchase contract in the Land Registry. The cost of the registration would be paid by the party who promotes it.
Of course, we always advise you to use a good lawyer to take charge of the drafting of this kind of contract.
Best rainy tuesday,
Maria
Benalauría, Málaga, South eastern Spain, at facebook.com