If you`re a tenant and your lease agreement is about to expire, you may be wondering what your options are. Renewing a lease agreement can be a convenient way to avoid the hassle of finding a new place to live. However, it`s important to ensure that the terms of the renewal agreement are fair and in your best interests.
Here is a sample tenancy renewal agreement that landlords and tenants can use as a template when creating their own agreement.
1. Parties involved: The agreement should clearly state the names of the landlord and the tenant(s) involved.
2. Rental amount: The rental amount for the renewed lease should be specified. If there will be any increase, it should be stated clearly.
3. Security deposit: The renewal agreement should specify the amount of the security deposit that will still need to be paid.
4. Tenancy term: The agreement should specify the length of the renewed lease.
5. Maintenance and repairs: The agreement should specify who is responsible for repairs and maintenance. If any changes have been made to the property, they should be noted.
6. Utilities and services: The agreement should specify who is responsible for paying utilities, such as electricity, gas, water, and internet services.
7. Renewal notice: The agreement should specify the renewal notice period required by both the landlord and the tenant.
8. Termination: The agreement should specify the process and penalties for terminating the lease before the end of the term.
9. Occupants: The agreement should specify whether or not subletting is allowed and the maximum number of occupants allowed.
10. Pets: The agreement should specify whether or not pets are allowed on the property.
11. Signatures: The agreement should be signed by all parties involved to indicate their agreement to the terms of the lease renewal.
In conclusion, a tenancy renewal agreement is an important contract that should be carefully reviewed by all parties involved before signing. This sample agreement can be customized to meet the specific needs of landlords and tenants and ensure that everyone is on the same page.