The tenant must respond within the time limit described in the letter. Depending on the circumstances, the tenant may decide to make a counter-offer to the landlord. If this is the case, it may be preferable to arrange a meeting with the tenant to reach an agreement and reach an oral agreement. Sending a lease renewal letter is a great way to let your tenant know that you want to continue renting to them. A lease renewal letter, sometimes called a lease renewal contract, informs your tenant that their lease is about to expire and helps you assess their interest in continuing to rent your property. It is recommended to mention if you meet the same conditions or make adjustments to the lease. If the Tenant wishes to accept the above renewal conditions and accepts the conditions of this document, he must sign the line “Signature of the Tenant” and send the “date” of his signature to the lines labeled accordingly at the end of this document. The minimum length of time required to renew a lease varies depending on local laws. In general, a lease renewal letter must be sent to a tenant at least 90 days before the lease expires so that they have enough time to make their decision – however, we found that 52% of tenants have known for less than three months that they need to find a new place. By providing the lease renewal letter at least 90 days before the lease expires, you ensure that your tenant has enough time to consider their lease extension and find other options if necessary.

Although the renewal parties (landlord and tenant) have agreed to renew the current lease, the method by which this extension is determined must be specified. Article “IV. Extension Period” provides three checkbox instructions to document an effective report on this transition. Note that only one of these items can be selected. If the current lease is renewed for a certain period of time, check the first option in the “IV” check box. Extension period. As a result, the terms of the current agreement remain consistent throughout the renewal and require the number of “days”, “months” or “years” of the life of this renewal that is created in the empty line after the “Renew” label. Be sure to check one of the three checkboxes (days, months, or years) to specify the unit of time when discussing the number you just reported. The current lease can be extended, but without a fixed term.

That is to say, this extension can take place during the “conversion of the lease into a monthly lease”. If this is the case, check the second box in box “IV. Extension period. Since a monthly contract can be terminated at will, the second renewal option also requires that a predetermined number of days be specified as the length of time one party must notify the other party before terminating the converted agreement. Thus, if the second option has been selected, the number of “days of notice” required by the party that is finishing must be entered in the blank line provided for this purpose. Please note that if this number of days deviates from the minimum required by the state regulating this extension, the highest of those days will be used as the minimum number of “daily terminations” to be provided by the terminating party. If neither of the first two options of “IV. Renewal Period” appropriately defines the terms and conditions for renewing the relevant initial lease, and then ticks the third box in this section (marked with the word “Other”). The blank line of this selection allows you to make a direct report or to name an appendix with the specifics of this extension by title. Since this Agreement contains the terms of the original Lease, rather than reformulating all the terms of the Original Lease, this document refers to this Lease and the appendix to the Lease Extension Agreement, which should be referenced if necessary. Point `III. Lease” is defined to attach the original lease shared by the parties to the renewal to this document.

This task can be accomplished by referring to the lease that will be renewed, and then transcribing its date of entry into force in this article. Two empty lines have been provided so that the month, the two-digit calendar day, and then the two-digit years indicated as the expiry date in the original lease are under “III. Rental”. The rental property that is at the heart of this renewal must be clearly identified for this document to work properly. So move on to the second article, which is entitled “II. Premises”, then present the physical address where the rental property is located. This address allows the examiner to inspect and access the premises concerned. The cost of finding a tenant can be high.

A lease extension can help you avoid costs such as the following: Once you have completed the lease renewal letter, you must attach a copy to the lease to keep records. A lease, or “lease extension,” allows a landlord and tenant to extend a lease beyond the end date. The other rental conditions remain the same, unless they are modified accordingly. Depending on the economic conditions, the landlord can increase the monthly rent. The main reason a landlord would issue a lease extension letter is to inform the tenant that the lease expires and that they want to propose a new lease. In the lease renewal letter, you can indicate if your tenant must follow the same conditions or if you give him others. .