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Option to Purchase Addendum to Residential Lease Lease or Rent to Own Washington Form

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Option to Purchase Addendum to Residential Lease Lease or Rent to Own Washington Form

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welcome to county office your ultimate guide to local government services and public records let's get started how does lease to purchase work a lease to purchase agreement combines Leasing and buying a property this Arrangement allows a tenant to rent a property with the option to buy it later typically the lease period lasts from 1 to 3 years during this time the tenant pays rent which may include a portion that goes toward the purchase price the purchase price is often determined at the beginning of the lease this means the tenant locks in the price protecting against Market fluctuations at the end of the lease term the tenant can choose to purchase the property if they decide not to buy they may lose any rent credits accumulated the lease to purchase agreement should be in writing and detail the terms clearly it must specify the rental amount purchase price and duration of the lease a additionally both parties should understand their rights and obligations tenants should be

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