[WSBARP] Lease for Life in Seattle
Erik Marks
erik at egmrealestate.com
Tue Aug 2 12:21:54 PDT 2022
A few years back, my mom wanted to move, but did not want to own a house any more. So I purchased her new house and set her up with a Lease For Life. The tax savings are indeed substantial. I also note that the structure we used was a real comfort to my mom. The Lease for Life fixes the taxes, and a 30 year fixed rate mortgage fixes the debt service, so I dropped in a hard number for rent that would cover the taxes and debt service, and her rent is then fixed for life. In my instance, I figured it was my own mom, so kept the lease form to 3 pages, and included a right for her to terminate on 20 days’ notice.
I am attaching a copy of what I used. Hope it is helpful.
Erik
--
Erik G Marks
Attorney at Law
PO Box 16247
Seattle, WA 98116
(206) 612-8653
erik at egmrealestate.com
Physical Office:
4220 SW Spokane St
Seattle, WA 98116
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