RENEWAL OF LEASE AGREEMENT
With Agent involvement
Summary Where a landlord and a tenant want to extend the duration of their lease agreement over the leased premises, A Renewal of Lease Agreement – with Agent may be signed to renew the lease. Amongst other things, the agreement specifies the new rental amount to be paid by the tenant, and also confirms the landlord’s liability to the agent for commission.
Who should use this Renewal of Lease Agreement – with agent? An estate agent may give the renewal to a property owner and his/her tenant to sign when they agree that the tenant may rent the leased property for a longer period than originally agreed, ie. when the parties agree to renew the lease.
Note: Ensure that you have already signed a Lease Agreement. This Lease Agreement Extension Addendum works with the Agreement of Lease (by renewing and extending the lease agreement already in place), and does not replace the Lease Agreement.
What does the Addendum say? The standard renewal of the lease agreement consists of: Introduction; Extension of the Period of the Lease Agreement; Rental and Costs; General.
What does the template Lease Agreement Extension Addendum look like? The addendum can be printed onto one page.
What do you need to do to use the Lease Agreement Renewal form?
- Complete the relevant details in the template lease renewal form. Ensure that the increased rental is specified.
- Read the document to ensure that it suits your requirements. Make changes as required.
- Ensure that the renewal of lease is signed.
Also viewed: Termination of Lease notice
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