LEASE EXTENSION
By Toby Katz
Are you in a tenant/landlord relationship that you’d like to continue?
You can do so with a lease extension form.
A lease extension means that the landlord and tenant agree to extend the terms in the original lease for up to one year, often on a month-to-month basis. The landlord may charge a fee to continue the tenancy. If any other changes are made to the original lease, they must be specified on this form.
Extending the lease can be beneficial for both landlords and tenants. If a renter has been paying the rent on time and taking care of the rental property, extending the lease can give the landlord time to find a new qualified tenant, especially if the property is not in a tight housing market.
If the tenant is planning to make a move but is not yet ready to do so (for example, waiting for the closing on a home the tenant is purchasing or moving out-of-state for an upcoming job transfer), extending the lease gives the tenant time to finalize arrangements. If the landlord will be showing the property to prospective tenants during the time period the extension covers, the current renter should keep the property clean and presentable.
A landlord may not want to extend a lease for a resident who has been habitually late paying rent, has an unauthorized pet, or is a nuisance to other tenants. However, market conditions will influence the decision; if the tenant sometimes pays the rent late but keeps the property clean, it may be worthwhile to continue renting to that occupant while locating other suitable prospects.
A reliable Free form may be accessed on line from Free and Low Cost Real Estate Forms