The pay lease extension is a process through which the renter is able to buy more time or an extension period for the object that is being leased. It is important that the state laws and regulations are followed. Both parties must consent to and follow the particulars so that neither party is unfairly hassled by each other. The extension is provided only after the renter has agreed to the terms and conditions made by the owner.
The condition generally is linked to increasing rent payment but this can be increased only to a certain extent and by proper evaluation of the property and its value. Even the time period extended is a limited one and is dependent on the owner only. Generally, it is advisable to consult a lawyer for such an extension. Real estate agents are also called upon to follow the necessary steps for the pay lease extension.
Sample Pay lease Extension
Name of Owner: Joyce Carol
Name of Renter: Mohammad Gregory
Property concerned: YUHH Audi Car, 1988 edition
Period of Rent: 4 years
Rent payment: $300 per month
Total car value at time of renting: $1,345,000
Property Lease Details:
The owner rented out the car to the mentioned renter on the following conditions:
- The payments must be made in a timely fashion and as has been stated in the lease contract
- No damage should be made to the property. If there is any problem, the owner should be informed and all damage charges to be handled by the renter.
- Extensions maybe granted
Pay Lease Extension Details:
The renter, hereby, request extension of lease by making an advance payment of $20,000 and adding another $150 to the current rent of $300 per month. The extension period must be stretched to another 4 years, making it a total of 8 years.