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

Category:
Landlord Tenant - Residential Leases - Purchase Options
State:
Washington
City:
Tacoma
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

Leasing offers several advantages compared to purchasing. First, leasing usually requires a lower initial investment, which helps you manage your finances better. Additionally, leasing maintains flexibility in case your circumstances change, allowing you to move on without significant financial repercussions. Understanding such benefits can enhance your decision-making process.

Leasing has its own set of disadvantages, particularly in the Tacoma Washington context. For instance, leasing does not build equity, leaving you without ownership benefits. Additionally, leases can come with restrictions that limit your use of the property. Understanding these factors can guide your leasing choices effectively.

Under RCW 59.18. 210 , leases over 12 months must be notarized in order to be valid. Leases also restrict the landlord from increasing the rent or changing the rules of tenancy during the fixed term.

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.

Giving Notice 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.

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.

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.

They must be in writing. One-year leases are very common. Under RCW 59.18. 210 , leases over 12 months must be notarized in order to be valid.

Luckily, Washington state doesn't require notarized documents for most rentals.

A tenancy agreement is a contract between you and a landlord. It lets you live in a property as long as you pay rent and follow the rules. It also sets out the legal terms and conditions of your tenancy. It can be written down or oral (a spoken agreement).

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