Lease Agreement Extension
What Is A Lease Agreement Extension?
A Lease Agreement Extension is a legal document used when a tenant and landlord decide to extend their existing lease agreement. Instead of having a whole new lease agreement written up, they simply create this lease agreement extension.
A lease extension agreement is a legal agreement that is used when you would like to extend the lease or rental agreement. These types of extensions are not a requirement, but can be used just before a lease is to expire to extend it. These types of extensions are especially common in landlord/tenant situations or when parties lease a vehicle of some kind.
The way that a lease works is that it makes an agreement for a certain amount of time. Once that time ends, the lessee and the lessor have a few options. The first and easiest thing to do is walk away and end the lease right. The second thing that they can do is create a new lease with new terms. Finally, they can also extend the existing lease as it is. The agreement will still be based on that original agreement, but with a new expiration date as laid out in the lease extension agreement.
A lease extension agreement is a great thing to have in place if you wish to continue the lease as it gives both parties reduced risk from a legal perspective. It acknowledges that all of the terms and the conditions of the original lease will still be upheld while also allowing the lease to continue without a lot of extra paperwork or commitment beyond what each party is hoping for. This protects both the landlord and the tenant as they will know the status of the lease. This can save both parties a lot of time.
Where Can I Get A Lease Agreement Extension?
You can create your very own customized Lease Agreement Extension by clicking here.
Why Do You Need A Lease Agreement Extension?
You need a Lease Agreement Extension when you are extending a lease between yourself and the tenant over a property.
What Should Be Included In A Lease Agreement Extension?
You don’t need to write down all of the terms from the initial lease agreement.
You need to put down the landlord and tenant information for identification purposes, as well as the property type and address.
You then will need to provide details in regard to the existing lease, for example when it was initially signed, and the beginning and end date of the period, as stated in the existing lease agreement. If you are attaching a copy of the existing lease, be sure to mention that too.
You then need to note the start and end date of the new agreement, based on the extension.
If there are any changes to the rent, such as a new amount or payment cycle that should be mentioned, as well as any prorate payment data.
Our Lease Agreement Extension form allows you to enter all of this, as well as any additional details you wish to add for maximum compatibility and customization.
Lease Agreement Extension Templates:
To see our Lease Agreement Extension Template, click here and preview the document.
Sample Lease Agreement Extension:
As above – click and then preview. You will see a blank form which shows a sample of how your completed lease agreement extension shall look.