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The Residential Lease Agreement With Option to Purchase is designed for use in the United Arab Emirates where property owners wish to offer tenants the possibility of purchasing the property while initially leasing it. This arrangement is particularly relevant in the UAE's dynamic real estate market, where both local and expatriate residents may prefer to lease before committing to purchase. The document must comply with UAE Civil Code requirements, emirate-specific property laws, and registration requirements with relevant authorities like RERA or Municipality. It includes comprehensive terms covering both the lease period (rent, maintenance, utilities) and the purchase option (option fee, purchase price, exercise period). This type of agreement provides flexibility for tenants while giving property owners a committed long-term occupant with purchase potential. It's particularly useful in situations where buyers need time to arrange financing or want to experience living in the property before committing to purchase.

1. Parties: Identification of landlord/seller and tenant/potential buyer, including Emirates ID numbers and full contact details

2. Background: Context of the agreement, property ownership status, and intention to grant both lease and purchase option rights

3. Definitions: Key terms used throughout the agreement including Property, Term, Option Period, Purchase Price, and Option Fee

4. Property Details: Comprehensive description of the property including unit number, building, area, and registration details with land department

5. Lease Terms: Rent amount, payment schedule, duration, and renewal conditions

6. Security Deposit: Amount, payment terms, and conditions for return

7. Utility and Maintenance: Responsibilities for utilities, maintenance, and repairs

8. Option to Purchase: Terms of the purchase option, including option period, exercise process, and purchase price calculation

9. Option Fee: Amount, payment terms, and whether it applies to purchase price

10. Exercise of Option: Process and requirements for exercising the purchase option

11. Property Transfer: Procedures and requirements for property transfer upon option exercise

12. Insurance: Required insurance coverage for both lease and potential purchase periods

13. Default and Remedies: Consequences of default under both lease and option terms

14. Governing Law: Applicable UAE laws and jurisdiction

15. Notices: Communication requirements and contact details

16. Signatures: Execution block with attestation requirements