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Lease Extensions
What is a Lease Extension
A Lease is what is known as a depreciating asset. This mean that the value of the lease goes
down as the term of the lease dwindles and eventually reverts
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How to fill out lease extensions
How to fill out lease extensions
01
Start by reviewing the original lease agreement to understand the terms and conditions.
02
Contact the landlord or property management company to express your interest in a lease extension.
03
Discuss the terms of the extension, including the duration and any changes to rent or other terms.
04
Prepare a written lease extension agreement outlining the agreed-upon terms.
05
Review the lease extension agreement with both parties and make any necessary revisions.
06
Sign the lease extension agreement once both parties are satisfied with the terms.
07
Keep a copy of the signed lease extension agreement for your records.
Who needs lease extensions?
01
Tenants who wish to continue renting the same property beyond the original lease period.
02
Landlords who want to extend a lease with a current tenant instead of finding new tenants.
03
Property owners who want to ensure a stable rental income by extending leases with reliable tenants.
04
Businesses or individuals who may have specific long-term rental needs and prefer lease extensions over constant lease turnovers.
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What is lease extensions?
Lease extensions are agreements between a landlord and tenant to extend the term of a lease beyond its original expiration date.
Who is required to file lease extensions?
Both the landlord and tenant are required to file lease extensions to formalize the agreement.
How to fill out lease extensions?
Lease extensions can be filled out by including the terms of the extension, signatures of both parties, and any relevant terms or conditions.
What is the purpose of lease extensions?
The purpose of lease extensions is to prolong the rental agreement between the landlord and tenant.
What information must be reported on lease extensions?
Lease extensions must include the names of both parties, the property address, the length of the extension, any changes to rent or terms, and signatures of both parties.
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