A lease extension agreement is a legal document that outlines the terms of the extension of a lease. Whether you`re a landlord or a tenant, having a properly executed lease extension agreement can help protect your interests and avoid misunderstandings.
However, creating a lease extension agreement from scratch can be time-consuming and expensive, especially if you want to consult a lawyer. Fortunately, there are free lease extension agreement templates available online that can serve as a starting point for your agreement.
When searching for a free lease extension agreement template, it`s important to consider the specific terms you want to include in your agreement. For instance, you may want to include details about:
– The original lease agreement: Include information about the tenant, the landlord, the property, and the terms of the original lease.
– The extended lease term: Be clear about the start and end dates of the extended lease term. You may also want to mention any options to further extend the lease if applicable.
– Rent payments: Specify the amount of rent to be paid during the extended lease term, as well as the frequency of payments.
– Maintenance and repairs: Outline who is responsible for maintaining and repairing the property during the extended lease term.
– Alterations and improvements: Specify whether the tenant is allowed to make alterations or improvements to the property during the extended lease term, and under what conditions.
– Termination: Include information about the circumstances under which the lease can be terminated, as well as any penalties or fees for early termination.
Once you`ve found a free lease extension agreement template that fits your needs, be sure to review it carefully and make any necessary modifications to ensure that it accurately reflects your agreement with the other party. You may also want to consult with a lawyer to ensure that the agreement is legally binding and protects your interests.
In summary, using a free lease extension agreement template can save you time and money while ensuring that your agreement is clear, complete, and legally binding. Just be sure to carefully review and customize any template to meet your specific needs and consult with a lawyer if necessary.