Legal Question in Real Estate Law in Washington

Residential Lease to Purchase

We are renting our house to my cousin with the understanding that they will buy it in no more than two years.We agreed on a set monthly payment for the 1st year and an increased amount for the second year (as an insentive to buy and our loan time.) Which form do we need to have them fill out. The Res. Lease & option to buy or is there a better one that clearly states our agreed intent. We will do reasonable maintinance on the house but no addtional upgrades, especially with a agreed price at the end of two years.


Asked on 3/30/05, 12:08 pm

1 Answer from Attorneys
James Vasquez In Pacta, PLLC

Re: Residential Lease to Purchase

In my experience it is best to have a residential lease and the option agreement as two seperate documents. You can reference the residential lease in the option agreement. Just make sure that to make clear that since the parties are entering into a residential lease based upon the option to buy that if the option is not taken within the two year period the tenants agree to move at that time. This is in order to make the home available for purchase by another individual.

If you need assistance with the drafting of such documents please feel free to contact me at (206) 229-7593.

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Answered on 3/30/05, 12:35 pm


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