New York Residential or Rental Lease Extension Agreement
Understanding this form
The Residential or Rental Lease Extension Agreement is a legal document used to extend the terms of an existing residential lease between a landlord and tenant without creating a new lease. This form allows both parties to agree to continue the existing rental arrangement, typically preserving all the terms of the previous agreement while potentially altering rental amounts or terms as necessary. This is particularly useful for tenants who wish to stay in their current residence and landlords wishing to retain their tenants.
Main sections of this form
- Parties involved: Identifies the landlord and tenant(s) with corresponding signatures.
- Previous lease information: Outlines the details and duration of the original lease agreement.
- Extension term: Specifies the new duration of the lease extension.
- Revised rent payment: States any changes in rent or payment terms for the extension period.
- Signatures and dates: Required for both landlord and tenant(s) to make the agreement enforceable.
Situations where this form applies
This form is ideal for situations when a tenant wants to remain in their rental property after their original lease has expired. It may also be used when both parties agree to extend the lease for a specific duration, with or without changes to the rental terms. Using this form saves time by avoiding the need to draft a new lease, while still ensuring that legal rights and responsibilities are clear.
Intended users of this form
This form is intended for:
- Landlords seeking to extend existing rental agreements with current tenants.
- Tenants wishing to continue their lease without interruption.
- Property managers handling lease extensions on behalf of property owners.
Instructions for completing this form
- Identify the parties: Fill in names and addresses of the landlord and all tenants involved.
- Provide details on the previous lease: Specify the original lease's start and end dates.
- Set the extension term: Enter new lease duration dates for the extension period.
- Update rent information: Fill in any agreed changes to the rent payments if applicable.
- Gather signatures: Ensure all parties sign and date the agreement for it to be valid.
Does this document require notarization?
Notarization is generally not required for this form. However, certain states or situations might demand it. You can complete notarization online through US Legal Forms, powered by Notarize, using a verified video call available anytime.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Typical mistakes to avoid
- Failing to include all parties involved in the lease extension.
- Not entering the correct date for the lease extension term.
- Omitting changes to rental amounts or payment terms when necessary.
- Neglecting to sign and date the document.
Benefits of completing this form online
- Convenience: Downloadable templates can be completed at your own pace.
- Editability: Customize the form to fit your specific rental arrangement.
- Reliability: Templates drafted by licensed attorneys ensure legal compliance.
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FAQ
If the tenant does not vacate after the expiration of the thirty days, the landlord's counsel can proceed with a holdover eviction action in the appropriate local forum.
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'.
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!
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.
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.
Under the rent stabilization rules, your landlord must mail you a lease renewal 90 to 150 days prior to the expiration of your current lease. If you do not return the lease within 60 days, the landlord may refuse to renew your lease and could move to evict you after the lease expires.
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.
Typical cost to extend lease on £200,000 flat by 90 years. Typical cost to add 90 years to a lease, cost based on Leasehold Advisory Service data. Costs are per flat and can vary dramatically. Based on a A£200,000 flat (A£200,000 is its value with 999 year lease) with A£200 annual ground rent.
