Rhode Island Residential or Rental Lease Extension Agreement
Overview of this form
The Residential Lease Extension Agreement is a legal document that allows landlords and tenants to extend the duration of an existing residential lease without having to create a new lease. This form captures any modifications, such as revised rent payments, while retaining the original terms and conditions of the previous lease. By utilizing this lease extension, both parties can continue their rental arrangement in a clear, formalized manner, making it easier than starting a new lease from scratch.
Main sections of this form
- Identification of the landlord and tenant(s), confirming their legal rights and obligations.
- Details of the previous lease, including its original dates and terms.
- Extension of the lease term, stating the new start and end dates.
- Specification of revised rent payments, including monthly amounts and deadlines.
- Signatures of all parties involved to validate the extension agreement.
Common use cases
You should use the Residential Lease Extension Agreement when you want to continue a rental relationship beyond the original lease expiration date without drafting a new lease. This form is beneficial when both landlord and tenant agree to modify terms such as rent or duration while maintaining the core provisions of the existing lease.
Who needs this form
This form is suitable for:
- Landlords seeking to extend their rental agreements with tenants.
- Tenants who wish to remain in their current rental properties after the lease ends.
- Both parties who are agreeable to modifying any terms of the lease, such as rent or duration.
How to complete this form
- Identify the parties involved by entering the full names of the landlord and tenant(s).
- Specify the original lease details, including start and end dates, to reference the existing agreement.
- Fill in the new term dates for the lease extension, indicating when the extension starts and ends.
- Enter the revised monthly rent amount and the due date for payments during the lease extension period.
- All parties must sign and date the form to make it legally binding.
Notarization guidance
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.
Common mistakes to avoid
- Failing to include all tenant names if there are multiple lessees.
- Not specifying the original lease dates correctly.
- Leaving rent amounts blank or incorrectly calculating revised payments.
- Neglecting to have all parties sign the agreement, which can lead to disputes.
Advantages of online completion
- Convenient access to a legally vetted document at any time.
- Editable fields allow customization to fit the specific needs of the rental agreement.
- A straightforward process that clarifies the obligations of all parties involved.
Form popularity
FAQ
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'.
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.
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.
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.
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).
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.
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.
Dear Name of Landlord: This letter is a formal request to renew the lease on the property at the above address for another year. The lease expires on DATE and I would like to renew it until 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!
