Happy at home? You need a Lease Extension Agreement!
Keeping things as they are with the Lease Extension Agreement
If it seems you’ve found the perfect living situation, there is little that must be done to keep the situation unchanged. It’s not necessary to find a new place to live or a new person who you can trust as a landlord. You can simply sign a Lease Extension Agreement and continue your mutually advantageous contract.
Who needs a Lease Extension Agreement?
To enter into a Lease Extension Agreement, obviously both a Landlord (the Lessor) and a Tenant (the Lessee) should want to extend their current lease agreement. Usually, extension contracts, as well as lease agreements, are filled out by the real estate agents (brokers) involved in making the initial deal.
What is a Lease Extension Agreement for?
The significance of a residential lease agreement is clear-cut: it outlines the terms and conditions of the rental deal and guides the parties in case either of them does not meet the provisions of the legally binding document. The aim of the Lease Extension is to keep all prior arrangements the same for an agreed period.
While it’s very common to extend an agreement in a less formal way, this does not provide any guarantee that a landlord won’t raise the rent, or terminate the lease early because of unforeseen circumstances, etc. That’s why an Extension Agreement is a surefire method to ensure safe and stressless renting conditions.
Is a Lease Extension Agreement accompanied by other forms?
Before signing an Extension Agreement, a Landlord should send a Notice to Tenant of Lease Extension. In a case of acceptance, the Agreement is to be filled out and signed by the Parties. Insofar as it serves as a prolongation of the already established agreement, the original lease must be attached.
When is a Lease Extension Agreement due?
The Lease Extension form does not have a specific due date. It should be signed before the expiration of the initial residential lease contract.
How do I fill out a Lease Extension Agreement?
There are just a few things to indicate on the Lease Extension Agreement:
– Date of its creation
– The parties
– Address of the property rented
– Term of extension
– Rate of rent
– Finally, the parties must date and sign the extension agreement.
Where do I send a Lease Extension Agreement?
There is no necessity to send the Lease Extension anywhere. The parties to a lease should retain their original copies of both the Lease Agreement and the Lease Extension until their expiration date.