A Washington rent-to-own agreement is used by real estate owners to lease their property with the option to purchase at a future date. When using a rent-to-own lease agreement, landlords can set their purchase terms to either a fixed or negotiable price, or grant the tenant the right of first refusal, meaning they have precedence over other purchase offers.
While this arrangement may seem like a bargain to potential buyers, it is worth noting rent-to-own properties can demand a higher monthly rent, and tenants are also obligated to make a down payment before moving in. In addition, tenants are often responsible for maintaining the premises, paying utilities, and repairing damages throughout their rental term.
Rental Laws – RCW Title 59 (Landlord and Tenant)
Purchase Agreement Laws – Title 64, Ch. 64.04 (Conveyances)
Documentation containing fire safety and protection information, and the building’s emergency and evacuation protocols must be given to a tenant. The tenant must also be informed that it is their responsibility to maintain the rental unit’s smoke detection devices in working order.
The names and addresses of the landlord or persons authorized to receive notices and act on their behalf for the service of processes must be given to the tenant.
Rental agreements for buildings constructed pre-1978 must include this disclosure for toxic lead-based paint.
A disclosure containing information about the risks of living with indoor mold and mold removal procedures must be included in a rental agreement.
Upon accepting a security deposit, a move-in checklist must be completed and provided by the landlord to the tenant.