What is a lease extension agreement?
A lease extension agreement is used to outline the terms for extending a current tenant's lease with your property. In addition to adding time to a tenant's stay, this document gives both parties an opportunity to make alterations or updates to the terms outlined in the original agreement. These changes may include the rent amount, occupancy limits, pet policies, and more.
What are the pros and cons of lease extension agreements?
It's always great news when tenants decide to stay with your property and you don't have to worry about the paperwork that comes with moving in a new tenant. A lease extension addendum affords you the opportunity to amend the original lease. Having a lease agreement template on file makes it quick and easy to send updated lease information to your tenants and receive signed paperwork for your records.