EXTENSION OF LEASE AGREEMENT
No Agent involved
Summary Where a landlord and a tenant want to extend the duration of their lease agreement over the leased premises, a Lease Extension Addendum may be signed to renew the lease. Amongst other things, the agreement specifies the new rental amount to be paid by the tenant.
Who should use a Renewal of Lease Agreement? A property owner and his/her tenant may use a Lease Agreement Extension Addendum when they agree that the tenant may rent the leased property for a longer period than originally agreed to, 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 Lease Extension say? The standard renewal of the lease agreement consists of: Introduction; Extension of the Period; Rental and Costs; General.
What does the template Lease Agreement Renewal look like? The addendum can be printed onto one page.
What do you need to do to use the 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 by both the tenant and the landlord.
Also viewed: Termination of lease notice
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