If you`re a landlord, you know how important it is to have a signed lease agreement with your tenants. It outlines the terms and conditions of the rental, including the length of the lease. However, as the lease comes to an end, you may find yourself wondering what to do next. Do you let the lease expire and find new tenants, or do you extend the lease agreement?
An extension of lease agreement form is a legal document that allows a landlord and tenant to extend the lease beyond its original expiration date. This can be beneficial for both parties: the tenant avoids the hassle of finding a new rental, and the landlord can continue to collect rent without the added cost and effort of finding new occupants.
The extension of lease agreement form should include several key elements:
1. Tenant and landlord information: This includes the names and contact information of both parties.
2. Original lease terms: The form should reference the original lease agreement and include the original length of the lease.
3. Extension terms: The form should clearly outline the new end date of the lease and any changes to rent payment or other terms.
4. Signatures: Both the tenant and landlord must sign and date the form to make it legally binding.
It`s important to note that an extension of lease agreement form does not automatically renew the lease agreement. The landlord and tenant must both agree to the extension, and the terms of the extension will be reflected in the new agreement.
In addition to the extension of lease agreement form, landlords may want to consider other lease extension options, such as offering a month-to-month lease or a longer-term lease. These options can provide flexibility for both parties and make it easier to plan for the future.
Ultimately, the decision to extend a lease agreement should be based on the landlord`s goals and the tenant`s needs. If both parties are happy with the current rental arrangement and want to continue the lease, an extension of lease agreement form is a simple and straightforward way to make that happen.