If you rent a condo or an apartment, you might find it necessary to request an extension on your real estate lease. This is a helpful, temporary solution that all involved parties must first agree to before it’s put into effect. Below is what you should know about lease extensions and how you can benefit.
What Are Lease Extensions?
An extension is a legal agreement between a lessor and a lessee. In the real estate world, this typically applies to landlords and tenants. When the original lease agreement approaches its end or is about to end to the satisfaction of both parties, the two may decide to continue with the lease terms. An extension isn’t the same as a renewal, which involves a longer period of time. Extensions are temporary but may involve the same lease terms or most of the same terms with just a few slight changes.
How Do Lease Extensions Work?
The extension process is similar to the original leasing process. A formal document must be drawn up, in which the names of the involved parties are included, along with the specific beginning and end dates of the extension period. During this period, both the landlord and the tenant must abide by its terms. In real estate settings, the majority of extensions revolve around a month-to-month agreement, which provides the tenant with greater flexibility.
What Are Examples of These Extensions?
There are many reasons why extending a lease may be necessary. A landlord may agree to help a tenant in good standing if the latter is moving into a new construction that isn’t ready for another few months. The extension provides the tenant to remain in the apartment or condo for that duration. A tenant might also be in the process of searching for a new home but can’t move until the existing homeowners vacate the premises in a month. Extending the lease for that period will be invaluable to the tenant.
If you’re seeking a beautiful apartment or condo rental in Cookeville, TN, trust in the team at Buckner Properties to help you find the right spot that meets your needs. The real estate and property management company offers a variety of options, including one-bedroom, two-bedroom, and three-bedroom spaces, along with townhouses and homes for rent. Visit the website to browse these properties, or call (931) 526-2104 to discuss your options.