A Washington rent-to-own lease agreement is a rental contract between a tenant and a landlord, which includes the option to purchase the property. This agreement allows landlords to set purchase terms at a fixed or negotiable price and grants tenants the right of first refusal over other offers.
The landlord has prospective tenants first complete a rental application. An analysis of the information the tenant provides on this application will let the landlord determine if the tenant will be able to pay the rent and fulfill other obligations, like performing maintenance and repairs.
When the tenant is ready to buy, they must notify the landlord, and both parties will convert the lease into a residential purchase agreement reflecting the predetermined terms.
Landlord-Tenant Laws: RCW Title 59 (Landlord and Tenant).
Purchase Agreement Laws: Title 64, Ch. 64.04 (Conveyances).
