An agreement to rent or lease an apartment is an extension of an existing agreement. Normally, tenants and landlords enter into the Lease agreement for commercial or residential property. They are also frequently used by companies leasing machines, equipment, and vehicles.
Lease extension agreements allow landlords and tenants to extend their lease contracts. If economic conditions warrant it, a landlord may increase rent or decrease it. With the rise in the need for residential places, People are searching for apartments for rent in Tupelo, MS at a large number.
Extending A Lease: How It Works
A lease is basically a contract that allows the lessee to use a specified asset for a set period while paying the lessor or owner. For example, leases are common for rental properties or the use of machinery, equipment, and vehicles. It may also be called a rental agreement if the asset being rented is tangible property.
There are a few options available to both the lessor and the lessee when a lease expires.
- In the case of renewing the lease, the lessee can either vacate or give up access to the property.
- Additionally, it is possible to extend the deadline. Lease extensions generally last a shorter period than the original lease.
- The landlord may, for example, simply extend the tenancy period and keep certain lease provisions such as the amount due.
What Is A Lease Document?
For the lease extension of homes for rent in Tupelo, MS certain details must be included in the agreement. This includes all the important information, such as:
- All parties to the agreement should be listed here
- Extending and terminating dates.
- Earlier agreements should also be mentioned in the extension documents.
They may require that the extension be approved over a specific time frame or grant the right to use the property monthly.
How To Extend A Lease- Step by Step Guide
1. Obtain the Lease and Read It.
An extension of leave begins with this step. To find all relevant information, you need to review the original document first. Check the lease’s end date in the original document. While negotiating a lease extension, rent amounts are one of the most common changes.
2. Talk to Your Landlord
Contact the landlord and let him know you would like to extend the lease. The lessee and lessor need to have the same view of the matter.
3. An Addendum to the Original Agreement
If your landlord or Lessor is ready to extend the rental period, he will contact you with the addendum. The addendum to an existing lease is a document added to it. It will include all the changes, such as the new extension period and the new rent rate. The original agreement will not change, except for the additions made in the addendum.
4. Accept the Extension Addendum
This is the final step. You must sign the addendum if you agree with it. Be sure to read the whole document carefully before you sign.
A well-known firm in the region is Jumper Realty & Associates. We are a team of professionals who aim to serve you and provide you with the best services in buying, selling or investing in real estate. To know more about our services, contact us on (662) 286-2828 or mail us at [email protected].