Lease Option Agreement / Lease Purchase Option

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Use the Lease Purchase Option to set forth all of the details of the transaction, including rent credits, purchase price, and time frame.

Document Last Modified: 5/10/2023

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IMPORTANT: There are documents that may be needed or required for a sale/purchase of real estate that are different from the required documents, addenda and/or disclosures required in the leasing or renting of real estate. It is important to check with a licensed Realtor, agent or attorney to be sure of the sales requirements.

Check with Washington State Regulations for complete information before entering into a lease purchase agreement.

Some renters have dreams of someday becoming owners. Landlords have the power to help renters turn those dreams into reality if they so choose by giving the renters the option to purchase the property they are currently renting, or one of landlord’s other properties (if applicable). That option to purchase is often referred to as a Lease-Option, which is often a win-win situation which offers a bevy of great benefits to landlords and renters alike. However, these deals are a bit more complex than the standard rental agreement. Because the transfer of the property’s ownership is at stake, it’s crucial that both parties understand and see eye to eye on every detail. With this strictly worded lease-option addendum, designed to be attached to a residential lease, you can ensure a smoother transaction and minimize the risk of miscommunications.

This very convenient ezLandlordForms’ “Lease Option Agreement” allows the landlord to give the tenant who is renting the premises the option to buy at the end of the lease term, or upon some other agreed upon date. The form sets out all of the terms of the purchase agreement including the price.

This Lease Option Agreement form is an ezLandlordForms editable form that will allow you to include your own custom text. This will give the landlord or owner the option to include terms to the Purchase Option Agreement that were not already included. A landlord would use this form if they would like to give the tenant the option to buy the property at any point during the tenancy.

If the landlord would like to offer the tenant the option to rent-to-own this is the form to use! When creating an ezLandlordForms Rental Agreement, the last step (Step 7) will give the landlord the option to include a Purchase Option Agreement form.

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