Option to Purchase (Lease Schedule)

Summary

This precedent is an Option to Purchase which can be attached to a Commercial Lease in order to give the commercial tenant and opportunity to purchase the property at a later date. An Option provides the tenant/buyer exclusive right to purchase a property within a specified time period. With modifications for provincial legislation, institutions, practices and GST/HST, this agreement could be used in most common law jurisdiction across Canada. This precedent contains practical guidance and drafting notes. An Option to Purchase provides a potential tenant/buyer with the exclusive right to purchase a property within a specified time period. It acts to prevent the landlord/seller from providing other parties with offers to sell or selling the property in question within that time period. The buyer is under no obligation to follow through on the purchase. However, the potential buyer must then decide whether to exercise the option within the given time period. The time period itself ...