Washington Lease to Own Agreement Form

Downloads: 261

The Washington lease to own agreement is for those who are interested in renting a property (house, condo, apartment, etc.) while concurrently possessing the right to buy the home during the course of the contract. The document acts like your typical lease, requesting the usual details of the parties’ arrangement but also including additional sections where users can specify how a sale will unfold should the tenant decide to follow through with the purchase. This includes the price of acquiring the home, the amount of the preliminary deposit to obtain the option (if any), and the time limit in which legal possession must be transferred. This is a great alternative for individuals who are interested in buying a specific home but need more time to secure a loan. (For more info about what you are entitled to as a lessee in regards to a lease agreement with an option to purchase, view the Know Your Rights: Rent-to-Own in Washington State publication available in PDF.)