A lease extension form is a document which is to be filled by the lessee, for the purpose of extending the period of the lease for a certain number of years.
It should be constructed with special care and precision, with all the dates and details correctly entered. The purpose of extending the lease tenure should also be stated, along with the expiry date of original tenure.
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Features:
Parties Involved:
Identifies the lessor (landlord) and lessee (tenant) entering into the agreement. There are sections to record their full names and also contact information.
Original Lease Agreement:
References the original lease agreement and specifies the date it was signed.
Extension Term:
Defines the new rental period for the lease extension. There are sections to specify the start and end date of the extended lease term.
Rent Payment:
Specifies whether the monthly rent amount will remain the same or change for the extended lease term. If the rent amount is changing, another section to outline the new amount.
Security Deposit:
Clarifies whether the security deposit paid under the original lease agreement will apply to the extended lease term or if any adjustments are required.
Signatures:
Includes space for both the landlord and tenant to sign the agreement, indicating their acceptance of the new terms.
Benefits:
Convenience:
Using a template simplifies the process of extending a lease for both the landlord and tenant by providing a structured format to outline the key terms of the agreement.
Clarity:
The template helps ensure both parties are aware of and agree to the terms of the lease extension, including the rental amount and the new lease period. This can help avoid misunderstandings in the future.
Efficiency:
By having a standard template, the lease extension process completed more efficiently compared to drafting a new lease agreement from scratch.
Security:
A written lease extension agreement serves as a legal record of the terms between the landlord and tenant, protecting both parties in case of any disagreements regarding the extension of the lease.
