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Seattle Washington Option to Purchase Addendum to Residential Lease - Lease or Rent to Own

Category:
Landlord Tenant - Residential Leases - Purchase Options
State:
Washington
City:
Seattle
Control #:
WA-00547
Format:
Word; 
Rich Text
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Description

This Option to Purchase Addendum to Residential and Lease Agreement is entered into by and between the lessor and the lessee. The lessor agrees not to offer the residence for sale to anyone during the term of the lease, and to give the lessee (tenant) the option to purchase the residence at any time prior to the expiration of the lease, provided the lessee gives notice of intent to purchase in accordance with the provisions of the Addendum. At that point, a separate contract of sale will be executed and the sale will proceed as any sale would.


Please note: This Addendum form is NOT a lease agreement. You will need a separate Residential Lease Agreement. The Addendum would be attached to that Agreement


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How to fill out Washington Option To Purchase Addendum To Residential Lease - Lease Or Rent To Own?

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FAQ

Writing a Contract Addendum Name the parties to the contract. Indicate the addendum's effective date, using the same date format used in the original contract. Indicate the elements of the original contract that the addendum intends to change. Concisely but clearly describe the desired changes.

Good Cash Flow. Lease options tend to produce good cash flow if you do your due diligence and get the right properties. The option fee plus your monthly rent (less paying the seller's mortgage) can be substantial over a year or more.

160(C)(1)(f), landlords must give current tenants 90 days written notice if they plan to sell the property. This gives your tenant adequate time to find a new place to live and make plans to move.

So, a 5 year lease with a 5 year renewal option is a 10 year commitment by the landlord. This limits the value of the property to a market cap rate applied to existing rental income, which is often less than the value of a vacant building sold to an owner/user buyer.

Yes, any commercial lease for a period of greater than one year must be notarized in the state of Washington in order for the document to be legally valid. In addition, any changes or alterations to the lease must also be notarized.

The difference between a lease option and a lease purchase agreement is that the lease option only obligates the seller to sell. A lease purchase agreement commits both parties to the sale barring breach of contract or the buyer's inability to secure a mortgage.

A lease option agreement is a property contract that allows you to take control and profit from a property. With the option to purchase that home for a predetermined price in the future. To enter into this type of contract, you'll agree to pay a monthly lease to the owner. As well as an upfront fee for the contract.

To make money with a lease option the investor must find a renter to pay more than the amount the investor agreed to with the property owner. For example, if the investor agreed to pay $1500 each month but finds a tenant to pay $1800 each month, the investor makes a monthly income of $300 for the property.

In general, things to include in a lease addendum might be: Your name. The rental property address. The tenant's name. Relevant policy/information (that complies with your state/municipal's rental laws) Consequences for breaking any contract agreements. Space to sign & date for landlord. Space to sign & date for tenant.

How do I write a notice of rent increase? The full names of both landlord and tenant. The type of property you are leasing. The location of the property. The type of tenancy (fixed term or periodic) Details about the rent (current rent vs. new rent and effective dates) Details about the lease (start date and signing date)

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