Lease Extension is a valuable document should you wish to extend your existing lease
If you are you in a tenant/landlord relationship with an existing lease and you are satisfied with it’s terms, you may wish just to extend the upcoming termination date to a later date.
You can do so with a Lease Extension form, which you can download from this website.
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, but, that is negotiable. If there are any other changes to the original lease, they must be specified on this form.
Extending the lease can be beneficial for both landlords and tenants. If a tenant 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. Finding a qualified tenant can sometimes take a while if the property is not in a tight housing market.
Another scenario may be 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 new home purchase. Perhaps the tenant is 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 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.