Commercial Lease Agreement With Option To Purchase In Washington
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If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
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FAQ
There are many reasons why a Landlord and Tenant may choose to include an “option” in a commercial lease. The most common type of option is one that gives the Tenant the right to extend the lease term, usually for additional — sometimes two or more — terms of equal length to the original term.
An option to renew is (generally) a tenant's right to require the landlord to grant the tenant a new lease when the existing lease term ends. Sometimes an option can be a landlord's right and sometimes a lease will have automatic renewal provisions, but most options are drafted as a tenant's right.
Flexible path to buying a home: A lease option could be a suitable alternative if you aspire to become a homeowner but can't quite afford it just yet. Using this type of contract, you get a little more time to potentially save toward the down payment or work to improve your credit.
An option clause is a term in a commercial or retail lease, permitting a tenant to renew their lease at the end of the initial lease period.
For example, a tenant and landlord may agree to a five-year lease with a five-year option to renew. At the end of the first five years, the tenant is given the chance to continue the lease for another five years. If you think you may renew, be sure to bring up extension provisions with your landlord.
In a full-service lease, the lessor pays a certain amount of rent, and the landlord has the responsibility of paying all expenses of the property, including repairs, maintenance, taxes, insurance, and utilities.
There are many reasons why a Landlord and Tenant may choose to include an “option” in a commercial lease. The most common type of option is one that gives the Tenant the right to extend the lease term, usually for additional — sometimes two or more — terms of equal length to the original term.
Notarization No Longer Required for Commercial Leases in Washington. Effective June 6, 2024, commercial leases in Washington for a fixed term of more than one year no longer need to be notarized.
