If you’re not a real estate guru 🧐, you may be wondering what exactly a residential lease 🏘 extension amendment is (not to mention why you should care). Basically, a residential lease extension amendment is a document 🗂 that allows a landlord and tenant to extend the date of a lease agreement. It can be used to change different components to the lease agreement (as long as both parties agree).
In most cases, the terms and conditions of the lease would stay the same unless a party requests a change. If you’re an influencer 🤳, Twitch streamer, or another social media professional, you may need to extend your residential lease because you make most of your content at home. If that’s the case, here’s a breakdown of how you can propose and use this kind of lease extension amendment to benefit your business.
What a Residential Lease Extension Amendment Does
Let’s start with an overview of leases in general. Property leases protect 💪 the rights and interests of both the tenants and landlords. This can make the document quite detailed (that’s why it’s such a big stack of paper). As a result, it can be quite a tedious process to make a new lease agreement for any commercial or residential property. Sometimes, if there is a mistake or changes to the agreement, such changes can’t be helped ❌.
This is why it is more effective to use a residential lease extension amendment to make any adjustments to the agreement after it has already been signed ✍️ by both parties. A residential lease extension amendment covers many aspects of the change, such as renewals/extensions, rent, layout, terms, and conditions. Signing a residential lease extension amendment is a lot better than a verbal agreement since it prevents any confusion later.
Is a Residential Lease Extension Amendment Beneficial?
First, let’s look at this from the perspective of your landlord. A residential lease extension amendment is crucial for business owners and landlords. If there is a problem with a property or a tenant, a lease amendment sets the groundwork for how to handle any and all issues. For example, if you knocked down 💪 a wall in your apartment without permission, your lease might prove that you weren’t supposed to do that.
On your end, using a lease amendment 📜 can be a great tool for tenants if and when unexpected issues occur. There aren’t any specific state laws 👨⚖️ that relate to lease amendments; therefore, so long as both the tenant and landlord agree, any aspect of the lease is flexible. This can ensure that both parties honor their word and behave in good faith. So if you invest a lot in creating the perfect recording space in your apartment and you don’t want to leave, this lease extension amendment can be a huge help! 👌
Implementing a Residential Lease Extension Amendment
Firstly, to begin this lease extension amendment process, you need to find the original lease and determine the end date 📅. A common adjustment in a lease extension is the monthly rent amount; depending on financial and economic conditions, either party can argue to increase or decrease it 📊.
Secondly, you need to contact 📞 your landlord and ask if they are willing to extend the lease under its current terms or new ones. You can generally reach out via email or a phone call. In some cases, property managers send a letter through the mail 📩 to tenants asking them if they would like to stay for a longer time.
Thirdly, if the landlord agrees, you’ll receive an amended agreement. This lease extension amendment is an addendum to your active lease. It should include any changes, such as the new rent amount 💰 and the extension period. Make sure to read this carefully and ask questions as needed! Unless there are other changes listed on the addendum, your active lease remains the same.
Finally, you and the landlord finalize things by signing the residential lease extension amendment. Both parties can agree to meet at a designated place to sign or through electronic signature. Once that’s over with, you can enjoy your extended lease!
Residential Lease Extension Amendment Assistance
If you find it difficult to extend your lease with your landlord, you could use professional legal help ⚖️. Speaking to an experienced attorney 👨⚖️ can assist with guiding you through the process, explaining every step. We can help you identify problems and negotiate the best possible deal 🤑. That way, you can continue to use the great setup you’ve invested time and money in. Plus, you’ll be gaining more fans and views along the way!
Through our firm, you’ll receive quality service and guidance tailored toward social media professionals. We’ll ensure that your lease is extended without any potential risks. Contact us today 📞 to get started!