Information about a long-term lease with purchase option must appear in a written contract.

Mandatory information

The contract must contain:

  • the date and place of the contract's signature;
  • your first name, last name and address;
  • the merchant's name and address;
  • the amount of the security deposit, if applicable;
  • the amount of the monthly instalments;
  • the details about the purchase option, namely the amount you will have to pay to purchase the item or how to calculate this amount;
  • any other conditions to be fulfilled;
  • both signatures (yours and the merchant's).

Mandatory clauses

The contract must also include:

Signatures

The merchant must sign the contract first, then allow you to read it, and then have you sign it. Lastly, the merchant is required to give you a copy of the contract signed by both parties.


Last update : February 4, 2020

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The information contained on this page is presented in simple terms to make it easier to understand. It does not replace the texts of the laws and regulations.