[WSBARP] Lease for Life in Seattle

[Erik Marks]

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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