California Option Agreement With Renewal
Description
How to fill out California Option To Purchase Package?
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FAQ
An option to renew or extend the lease means that upon the tenant's exercise of the option (choice), the provisions of the agreed-upon option are adopted for another defined term. The terms of the option can include the length of the new term, a change in rent, and other modifications.
Yes, a lease can automatically renew in California. If neither the tenant or the landlord give notice that they want to terminate the tenancy when the lease expires, the lease can be renewed.
California requires tenants to provide their landlords with adequate written notice to terminate the rental agreement. Failure to provide notice may automatically renew the tenant's lease and obligate the tenant to pay future rent payments for the entire tenancy.
Extension normally refers to a lengthening of time for an existing contract. Renewal normally contemplates an entirely new contract. This can be a distinction without a difference in some situations, but in complicated contracts it can have legal consequences.
An 'option to renew' is a contractual right that is given to the Tenant to obtain an additional term for the lease if the Tenant so chooses. For instance, if the Tenant has a lease for the period of three (3) years with an additional three (3) years option, the total term of the lease can be perceived as six (6) years.
