Michigan Residential or Rental Lease Extension Agreement
What is this form?
The Residential or Rental Lease Extension Agreement is a legal document that extends the terms of an existing residential lease between a landlord and a tenant. Unlike creating a new lease, this form allows the parties to continue under the original agreement, preserving its terms while potentially adjusting the length of the rental period and rent amount. This extension is useful for maintaining rental continuity without the need for extensive renegotiation.
Key parts of this document
- Identification of the landlord and tenant parties, which includes space for their names.
- Reference to the original lease agreement, including its start and end dates.
- Terms of the extension, specifying the new duration of the lease.
- Details of revised rent payments, including amounts and due dates.
- Signatures of both the landlord and tenants to validate the agreement.
When to use this document
This form is helpful when a landlord and tenant wish to extend their existing lease agreement, perhaps due to a favorable rental situation or the tenant's intention to stay in the property longer. It is particularly useful if both parties agree to keep the original lease terms, with only the lease duration and rent amount being modified.
Who can use this document
- Landlords looking to retain tenants for a longer period without creating a new lease.
- Tenants wishing to extend their living arrangements without changing the existing lease conditions.
- Individuals who want to modify the terms of the original lease, such as the rental price or duration.
How to prepare this document
- Identify the landlord and tenant by filling in their names at the beginning of the document.
- Reference the original lease agreement by providing its start date and end date.
- Specify the new term of the lease extension, including the new start and end dates.
- Enter the revised rental amount and outline the payment due dates.
- All parties must sign and date the form to ensure legal enforcement.
Does this form need to be notarized?
This form does not typically require notarization to be legally valid. However, some jurisdictions or document types may still require it. US Legal Forms provides secure online notarization powered by Notarize, available 24/7 for added convenience.
Typical mistakes to avoid
- Failing to include the start and end dates for the lease extension.
- Neglecting to specify changes to rent, if applicable.
- Not obtaining all required signatures from the landlord and tenants.
- Forgetting to reference or attach the original lease agreement.
Advantages of online completion
- Convenience of downloading and completing the form at your own pace.
- Editability to customize provisions according to your specific needs.
- Access to professionally drafted legal documents, ensuring compliance with applicable laws.
Form popularity
FAQ
By definition, a lease renewal is a new lease agreement, whereas a lease extension is a continuation of the original lease agreement. Generally speaking, the practical effect of either is that the parties to the lease continue the landlord-tenant relationship beyond the expiration of the original term of the lease.
Create Document. A lease extension addendum is a contract that further extends the term of an existing lease agreement. The addendum will establish a new lease termination date that both the landlord and tenant agree to.
A lease extension refers to a legal agreement that extends the term of an existing lease or rental agreement.They are common in relationships between landlords and tenants of commercial and residential property, or between parties who lease vehicles, machinery, plants, and equipment.
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'.
We recommend offering your tenant a lease renewal 90 days before the lease expires. You can offer in-person, send via email, or send a letter. The goal is to receive a reply within 30 days so that you have at least 60 days to find a new tenant if your current tenant declines the renewal offer.
Ask your landlord in writing (as far in advance as possible) for a few extra days. Explain your difficulties and emphasize (if you can) that they are only temporary. Offer (if at all possible) to pay at least some of the rent on time.
Lease Extension Request for Rental Address Dear Landlord's Name, Please accept this letter as a formal request for an extension to the lease for Property Address. Currently, the lease is set to expire on date. I would like to amend that date to end on new date.
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!
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).
