[WSBARP] Lease for Life in Seattle

[Jeanne Dawes]

Thank you Eric and Kelby, these examples are helpful.

Jeanne

Jeanne J. Dawes
Attorney at Law
Gore & Grewe, P.S.
103 E. Indiana Avenue, Suite A
Spokane, WA 99207-2317
Voice:  509-326-7500
Fax:      509-326-7503
jjdawes at goregrewe.com<mailto:jjdawes at goregrewe.com>

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From: wsbarp-bounces at lists.wsbarppt.com On Behalf Of Erik Marks
Sent: Tuesday, August 02, 2022 12:22 PM
To: wsbarp at lists.wsbarppt.com
Subject: Re: [WSBARP] Lease for Life in Seattle

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<mailto:erik at egmrealestate.com>
Physical Office:
4220 SW Spokane St
Seattle, WA 98116


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