Option to Purchase Addendum to Residential Lease - Lease or Rent to Own - Washington 2025

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A lease option gives the tenant a choice to buy the home later, while a lease-purchase obliges them to do so.
A lease option is typically more flexible since the tenant isnt obligated to buy the property and may potentially opt out at the end of their lease. By contrast, a lease purchase contract is more rigid and usually does not give a choice to walk away from a deal.
Cons of lease purchase agreements Limited Flexibility: Lease purchase agreements are less flexible for the tenant. Once the lease term is over, they are generally required to proceed with the purchase. If they choose not to buy, they may face legal consequences or lose certain amounts paid as part of the agreement.
Lease amendment vs. It is used when both the landlord and tenant agree to modify existing aspects of the lease, such as rent amounts, lease duration, or maintenance responsibilities. On the other hand, a lease addendum adds new terms or provisions to the existing lease agreement without changing the original terms.
Key Differences Financial Structure: Rent-to-own payments are lower and are not considered loans or financing, while lease-to-own is a financing agreement with payments contributing towards the purchase, often with interest and fees.
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A lease option, also called a lease with the option to buy, is a type of rent-to-own contract. This agreement allows one to rent a home for a certain period and an opportunity to buy it at the end of the lease period.
Flexible path to buying a home: A lease option could be a suitable alternative if you aspire to become a homeowner but cant quite afford it just yet. Using this type of contract, you get a little more time to potentially save toward the down payment or work to improve your credit.

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