If you`re a landlord, you know the importance of having a comprehensive lease renewal agreement. This document outlines the terms of a renewed lease and ensures that both you and your tenant are on the same page regarding expectations for the upcoming lease term.
To help you create a lease renewal agreement that addresses the most essential concerns, we`ve put together an example lease renewal agreement that you can tailor to your specific needs.
Introduction
At the beginning of the lease renewal agreement, it`s essential to include a brief introduction that outlines the purpose of the document. In this case, you should include language that explains that this agreement is for the renewal of a current lease.
The Parties
The next section of the lease renewal agreement should outline the parties involved in the lease. This section should include the name of the landlord, the name of the tenant, and the address of the property.
Term
The term section of the agreement should specify the length of the renewed lease. This section should include the start date and end date of the lease. You should also clearly state whether the lease will automatically renew again at the end of the term, or if the tenant will need to renew the lease again at that time.
Rent
The rent section of the agreement should outline the amount of rent that the tenant will pay during the lease term. This section should also include information about any changes in rent, such as increases due to inflation or decreases due to changes in the property.
Utilities
If the tenant is responsible for paying utilities, this section of the agreement should outline which utilities they are responsible for and how the payments should be made.
Maintenance and Repairs
To avoid confusion and conflict, it`s critical to outline who is responsible for maintenance and repairs in the lease renewal agreement. Be sure to include a statement about which repairs are the tenant`s responsibility and which repairs the landlord will cover.
Security Deposit
The security deposit section of the agreement should outline the amount of the security deposit, as well as how the deposit will be returned when the tenant moves out of the property.
Termination Clause
In case unforeseen circumstances arise, it`s essential to include a termination clause in the lease renewal agreement. This clause should explain the circumstances under which either the landlord or the tenant can terminate the lease.
Conclusion
A lease renewal agreement is a crucial document that provides protection for both the landlord and the tenant when renewing a lease. By using the example lease renewal agreement as a guide, you can tailor the document to your specific situation to ensure that both parties are in agreement on the terms of the lease. Remember to always consult with an attorney to ensure that your lease renewal agreement complies with local laws and regulations.