A lease extension is used to extend the terms of a previous lease between the landlord and tenant. By signing the extension, it is not necessary for the parties to execute a new lease. Generally, all terms of the previous lease are carried over by reference in the extension. Usually, the extension simply extends the term of the prior lease and may contain provisions for a revised rent payment.
A residential or rental lease extension agreement in Atlanta, Georgia is a legal contract between a landlord and tenant that allows the tenant to continue renting the property beyond the original lease term. This agreement outlines the terms and conditions that both parties must adhere to during the extended period. It serves as an extension or continuation of the existing lease agreement. One type of lease extension agreement in Atlanta, Georgia is a fixed-term lease extension. This type of extension allows the tenant to extend their lease for a specific duration, such as six months or one year. This agreement maintains the terms and conditions mentioned in the original lease, including rent amount, due date, and any other established stipulations. Another type is a month-to-month lease extension agreement. This agreement allows the tenant to continue renting on a monthly basis beyond the initial lease term. Unlike the fixed-term lease extension, a month-to-month extension provides both the landlord and tenant with the flexibility to terminate the agreement with proper notice (typically 30 days) if desired. The main purpose of an Atlanta Georgia residential or rental lease extension agreement is to prevent the tenancy from automatically converting into a month-to-month arrangement or expiring completely at the end of the original lease term. By signing this agreement, both parties can avoid potential misunderstandings and ensure a smooth continuation of the tenancy. Some key components that a lease extension agreement typically includes are: 1. Effective Date: The date on which the extended lease term begins. 2. Parties Involved: The full names and addresses of both the landlord and the tenant. 3. Property Description: A detailed description of the rental property, including its address and any specific unit or apartment number. 4. Terms and Conditions: The terms and conditions that will apply during the extended lease term, which may include rent amount, payment due date, late fees, and any additional fees or charges. 5. Duration of Extension: The length of the extension period, whether it's a fixed duration or a month-to-month arrangement. 6. Termination Notice: The notice period required by either party to terminate the lease extension, typically 30 days. 7. Signatures: Both the landlord and the tenant must sign and date the agreement to indicate their consent and commitment to its terms. It is important to note that lease extension agreements should be drafted and reviewed by legal professionals to ensure compliance with local laws and regulations in Atlanta, Georgia.
