Are you in need of a temporary extension of stay agreement template? Whether you`re a tenant or a landlord, having a clear and concise agreement in place can help ensure that both parties are on the same page when it comes to extending a lease.
Here are some key elements to consider when creating a temporary extension of stay agreement:
1. Duration of the Extension: Define the length of the extension, including the start and end dates. This will ensure that both parties are aware of the agreed-upon timeline.
2. Rent: Clarify how much rent will be charged during the extension period. Will it be the same as the previous rental agreement or will there be any changes?
3. Payment Terms: Specify how and when rent should be paid during the extension period. Will it be paid monthly or in a lump sum?
4. Maintenance and Repairs: Determine who is responsible for maintenance and repairs during the extension period, and outline any specific requirements or expectations.
5. Utilities: Specify which utilities will be included in the rental payment and which will be the responsibility of the tenant.
6. Security Deposit: Clarify whether the existing security deposit covers the extension period or if an additional deposit is required.
7. Consequences of Non-Compliance: Outline what happens if either party fails to comply with the terms of the agreement.
Once you`ve established these key elements, it`s important to have a legal professional review the agreement to ensure that it meets all necessary requirements.
In conclusion, a temporary extension of stay agreement can serve as a valuable tool for both tenants and landlords. By clearly defining the terms of the extension, both parties can avoid any misunderstandings or disputes that could arise. So, whether you`re a tenant looking to extend your lease or a landlord considering an extension, be sure to create a comprehensive agreement that protects both sides.