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Washington Rent-to-Own Lease Agreement

A Washington rent-to-own lease agreement affirms a typical lease arrangement between a landlord and a tenant, but it also contains an option for the tenant to buy the property. It lays out the average elements of a lease agreement, including but not limited to the monthly rent, security and pet deposits, and tenant responsibilities. The option to buy the property is attached to the lease agreement and explains the requirements, arrangements, and purchase price recognized by the landlord and tenant. The tenant pays the regular monthly rent until they want to enter into the purchasing phase of the agreement. Depending on the actual deal, rent paid can apply to the purchase price of the property. The seller must issue certain disclosures per Washington law.

Seller Disclosures

To be used when the tenant decides to buy the property.

Lead-Based Paint Disclosure – Informs the buyer of the existence of lead-based paint on the premises in properties built prior to 1978.

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Seller Disclosure Statement (§ 64.06.030 & § 64.06.020) – This statement outlines the condition of the property and the seller has to supply it to the buyer within five (5) days of reaching a purchase agreement.

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