Maryland Residential or Rental Lease Extension Agreement
What this document covers
The Residential or Rental Lease Extension Agreement is a legal document that allows a landlord and tenant to extend the term of an existing residential lease. This form is beneficial because it eliminates the need to draft a completely new lease, as it carries over all terms and conditions from the original lease agreement, potentially with adjustments to rent or other provisions. It serves as a clear and concise method to formalize the continued tenancy in the same property.
Key parts of this document
- Identification of the landlord and tenant(s) involved.
- Reference to the original lease agreement, including its start and end dates.
- Establishment of the new lease term with specific start and end dates.
- Details on revised rent payments, including amounts and due dates.
- Joint liability clause confirming that all tenants remain responsible for the lease terms.
When this form is needed
This form is utilized when a landlord and tenant wish to extend the duration of their current lease agreement without the hassle of drafting a new lease. Common scenarios include situations where the tenant wishes to remain in the property beyond the original lease's expiration date, or when the landlord and tenant have verbally agreed to new terms that merely need to be put in writing to ensure clarity and legal standing.
Intended users of this form
This form is intended for:
- Landlords who want to extend a current lease arrangement with a tenant.
- Tenants looking to continue their lease without changing the fundamental terms.
- Both parties seeking to formalize modifications to the lease terms, such as increased rent payments or revised conditions.
Instructions for completing this form
- Identify the parties involved by entering the names of the landlord and all tenants.
- Specify the property address that is subject to the lease extension.
- Enter the dates for the previous lease's start and expiration, along with the new lease term dates.
- Determine and include the new rent payment amount and due date.
- Ensure all parties sign and date the form to make it legally binding.
Notarization requirements for this form
This form usually doesn’t need to be notarized. However, local laws or specific transactions may require it. Our online notarization service, powered by Notarize, lets you complete it remotely through a secure video session, available 24/7.
Mistakes to watch out for
- Failing to include all tenants' names, which can make the agreement unenforceable.
- Overlooking the original lease's terms that may still apply.
- Not specifying the new rental amount or failing to clarify effective dates.
- Forgetting to sign and date the agreement, resulting in lack of validity.
Why use this form online
- Convenience of editing and customizing the form to fit specific needs.
- Immediate access to legal documentation without needing to schedule an appointment with an attorney.
- Secure storage of documents for future reference.
- Ease of downloading and printing for signatures at your convenience.
Form popularity
FAQ
Find a solicitor. The Leasehold Advisory Service lists solicitors specialising in the field. Value the lease. Professional valuation advice is crucial. Negotiate the price. Your solicitor may approach the freeholder informally first. Apply to a tribunal.
The letter should state the name, address and contact details of the tenant and the landlord. It should be dated according to any agreement for extension. For example, leases are usually extended or discontinued one or two months before the expiry date.
Many leases provide the tenant with an option to renew or extend the lease term beyond the expiration of the initial term.By definition, a lease renewal is a new lease agreement, whereas a lease extension is a continuation of the original lease agreement.
Start the conversation. Know what your apartment is worth. Learn something, even one small thing, about the market that works in your favor. Show off what a great tenant you are! Try to extend your lease. Offer money up-front. Provide services for the home or building. Come up with some requests.
Contract extension: an existing contract is continued for a period of time.Contract renewal: an existing contract endsby, for example, expiringand the parties agree to enter into a new contract (usually for the same or very similar services).
Renewing a lease locks a tenant in so a landlord knows (if all goes to plan) that they will receive rent for a predictable period of time. Likewise, as the PM, it means your revenue is also guaranteed to remain stable because you only get your cut, when the landlord gets their rent!
Your rights as a tenant when a lessor proposes changes to your lease depend on whether you have an option to renew when the lease expires.That is, a new lease is created, and both parties are legally bound to that agreement. Until both parties sign the new lease, there is only an 'agreement to lease'.
When the leasehold expires, the property reverts to a freehold property, where it is under the ownership of the freeholder in addition to you no longer having the right to stay there.
Firstly, you will have to pay the premium for the lease extension. Secondly, you will have to pay your landlord's reasonable costs as they are legally entitled to.
