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A lease extension refers to a legal agreement that extends the term of an existing lease or rental agreement. Extensions are not a requirement in a business...
A lease extension agreement, or ‘lease renewal‘, allows a landlord and tenant to extend a lease agreement to extend beyond its end date. The remaining terms and conditions of the lease will stay the same unless amended accordingly.
A lease extension addendum is a contract that further extends the term of an existing lease agreement. The addendum will establish a new lease termination date that both the landlord and tenant agree to.
Lease extensions give tenants security and stability while providing landlords with a steady rental income. Understanding how lease extensions work and their benefits helps tenants and landlords decide the next step at the end of the original lease.
A lease renewal allows a tenant to prolong a current lease past its scheduled end date. The renewal is only legally binding after it has been signed by both the landlord and tenant. In addition to the extension, the renewal may also make other changes to the lease such as increasing the rent or add rules of the property.
A lease extension is a legal agreement that extends a current lease. Learn how lease extensions are used, such as with rental agreements or vehicle leases.
Lease renewals are when a tenant agrees to rent the property for another lease term, while a lease extension is when a tenant requests to rent the property for an additional timeframe for the same rent or current market rate.
A lease extension agreement extends a lease beyond its original end date. Learn why landlords should use one and how you can create a form.
Lease extension agreements are widespread with residential apartment rentals. A residential lease is typically for just a one or two year term, so residential tenants are often interested in a lease extension agreement so that they may continue living in their home.
While a renewal creates a new agreement for a new term, a lease extension extends the term of an existing lease. To determine whether a lease can be renewed or extended, you should first examine the current lease agreement for specific clauses related to renewals or extensions.