A Washington Personal Guaranty — Guarantee of Contract for the Lease and Purchase of Real Estate is a legal agreement between parties involved in a real estate transaction. This guarantee serves as a form of security to ensure that the obligations outlined in the contract will be fulfilled. In the state of Washington, there are primarily two types of Personal Guaranty — Guarantee of Contract for the Lease and Purchase of Real Estate: 1. Lease Guaranty: In this type of guaranty, a person (the guarantor) agrees to be personally liable for the lease payments and other obligations stated in a lease agreement on behalf of the primary tenant. This agreement provides additional assurance to the landlord that the lease terms will be adhered to, even if the tenant defaults on their payments or breaches the lease agreement. 2. Purchase Guaranty: This variant of the Washington Personal Guaranty involves a person (the guarantor) guaranteeing the performance of a contract related to the purchase and sale of real estate. The guarantor undertakes the responsibility to fulfill the obligations of the buyer in case of default or failure to comply with the terms of the contract. This guarantee protects the seller's interests and ensures that the agreed-upon terms of the real estate purchase are fulfilled. The Washington Personal Guaranty — Guarantee of Contract for the Lease and Purchase of Real Estate typically includes essential details such as the names of the parties involved, the property address, the terms and conditions of the lease or purchase, and the specific obligations that the guarantor is guaranteeing. Keywords: Washington Personal Guaranty, Guarantee of Contract, Lease and Purchase of Real Estate, real estate transaction, legal agreement, security, obligations, Lease Guaranty, Purchase Guaranty, tenant, landlord, lease agreement, primary tenant, default, breach, purchase and sale of real estate, buyer, seller, terms and conditions.
Washington Personal Guaranty - Guarantee of Contract for the Lease and Purchase of Real Estate
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