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What Is a Renewal of Lease Agreement?
A Renewal Lease Agreement Form is a document used to extend or renew an existing lease contract between a landlord and a tenant. It’s typically used when both parties wish to continue the rental arrangement beyond the initial lease term. As the name implies, this document is an addition to the main agreement and cannot be used without it.
What do I need the lease agreement renewal for?
- You might need this form if you are a tenant and want to continue renting the property or if a landlord wants to extend the lease with the current tenant.
- This agreement allows both parties to clarify the terms and conditions of the renewed lease, such as the duration, rent amount, and any revised terms.
- Renewing the original contract offers stability for both parties involved. For tenants, it allows them to maintain their current living situation, while landlords benefit from consistent rental income without the need to search for new tenants.
How to Fill Out the Renewal Lease Agreement Template?
- First, you need to identify parties: include a tenant’s and landlord’s names, registration addresses, and the full address of the property in question.
- Next, state that the agreement is for the renewal of an existing lease and mention the original lease’s start and end dates.
- Specify the duration of the renewed lease and indicate the revised rent amount, the due date, and any changes to payment methods, if applicable.
- Clarify any modified terms or provisions compared to the original lease. Use a separate piece of paper to list all the adjustments to the contract.
- All participants must read the text and put their signatures as a sign of agreement with the updated terms of rental housing.
Organizations that work with the lease renewal agreement form
- Real estate agencies
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