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:


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.

You recommend this page:

Last update : May 3, 2021

Were you unable to find an answer to your question? Please call us.

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.