When it comes to extending your lease, there is legislation that helps both a tenant a landlord to agree upon the increase or decrease of the value of a property. All the conditions can be agreed upon by a properly negotiated lease extension.
Lease extension agreements allow landlords and tenants to extend rental contract beyond its ending date. The remaining terms and conditions of the lease will remain unchanged unless amended accordingly. The landlord may decide to raise the rent in response to economic conditions.
Rent extensions and lease renewals both allow a tenant (and landlord) to keep a leased property. It is important, however, to determine which document is right for you if you wish to extend lease agreement. When it comes to a lease renewal or extension, it is important to consider how the distinction might affect other promises and terms of the agreement. Renewals and extensions have similar effects, but they do differ a little.
A lease extension is a continuation of the original lease. After the original term of the lease expires, the landlord-tenant relationship continues. There is a new term defined for the lease. Addendums to leases are used to make minor modifications to the original lease, such as extending a lease, changing the rent, or making other changes. A lease extension continues the original lease without interruption, unlike a lease renewal.
Lease renewals are new lease agreements by definition. After the original lease has expired, landlords and tenants renew their lease relationship. Lease extensions typically continue agreements that benefit either the landlord or tenant, whereas a lease renewal may limit these agreements. The original tenant’s remaining liability to the landlord may be reduced if the original lease was reassigned. When a lease is renewed, there is a legal interval between the expiration of the original lease term and the commencement of the renewal term.
A lease extension addendum can be used in place of a lease renewal for a number of reasons. The following are the most common ones:
The following should be included in a lease extension addendum:
Please consider that this is a non-exhaustive list but just a few main things this agreement should have.
Download the Adobe PDF, Microsoft Word (.docx), or whatever rent agreement extension format you require. Our lease extension agreement form template is free and printable.
There are many details that need to be negotiated. Afterward, it must be stated how long the lease extension will last. If the rent will change or stay the same, the amount of rent must also be entered.
Download PDF version of the agreement and fill in all the necessary details. At the bottom of the page, both landlord and tenant should sign and include the date.
To find out when the lease ends, locate the original lease so you can provide sufficient notice of your intentions. The amount of rent paid per month is the most common change in a lease extension. Either party can argue that it should be lowered or increased depending on economic conditions.
The other party should be contacted and asked if the lease can be extended under the current lease or new terms, such as month to month. Contact can be made by phone or email. If a tenant wishes to remain on the property for a longer period of time, the property manager may send a letter in the mail asking if they are interested in staying longer.
An addendum will be sent to the tenant by the landlord or property manager. Any changes, such as the extension period and the new rent amount, are added to the lease in effect at the time of signing the addendum. In the absence of other changes listed in the addendum, the remainder of the lease will remain in effect.
To sign the lease, the landlord and tenant can either meet at a designated location or use electronic signatures. Depending on the preferences of the parties, any of the options would be acceptable.
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Frequently Asked Questions
An extension simply prolongs the end date of an existing agreement, whereas a renewal is treated as an entirely new agreement.
Tenants who remain in a rental unit after the lease has expired are called holdovers. The tenancy turns into a month-to-month or fixed term agreement if the tenant continues to pay rent. So long as the landlord doesn't take action to evict the tenant, a holdover tenant may stay in the rental unit. Staying in an apartment after the lease has expired can cause a number of problems, such as:
Lease extension addendums extend the term of existing lease agreements. In the addendum, the landlord and tenant will agree on new termination date. This addendum could also document any changes to the rent amount during the extended lease term in addition to extending the lease term. If the extension is for a short period, it is common for the original rent amount to differ (and increase). In the addendum, you will find the amount. All other conditions from the original lease agreement will remain the same. Both the landlord and tenant must sign the lease extension addendum. When signed, the lease extension addendum becomes part of the current lease and is legally binding.