Know the Insight Details of Lease Renewal Template
When a lease is about to end and the tenant of the property wants to extend the staying or use the property, then one can use lease renewal agreement to renew the contract. Using this type of agreements an owner can set down new tenant rules & regulation and define the extended the period of time up to which the incumbent can live there.
Where These Templates Are Required!
There are certain situations where the lease renewal letter is important. These are as follows.
- You are the owner of the property and want to lease it again to the present incumbent because of some reasons. Here the new renewal is utterly important. Otherwise, you can face legal issues
- There may be a situation where you are the tenant and would like to renew your lease before it expire
- There is another possibility where the tenant is on a month-to-month contract. These types of contracts expire every month. Thus to ensure safety of the property and to avoid unnecessary legal actions, it is important to have a lease renewal template all the time
Parts of the Template
This type of letter starts with an oath, which mentions the position of property or the house along with the name of the tenant and the landlord. In the main body part, there will be all the terms and condition describes and at the end, there will be miscellaneous instructions to the tenant and signature of both the tenant and the landlord with date mentioned.
So, it is one of the easiest ways to enhance the formal contract between the incumbent and the property owner.