The property valuation lease extension is a way through which the owner of the property allows the renter to extend his or her rent period only after the property has been thoroughly examined. The value of the property is determined through the condition of the property and the real estate market. This need not be done by the property owner himself or herself. In fact, most choose real estate agents for such purposes.
The point of such an evaluation is to ensure that the renter has followed through all the terms and conditions stipulated in the lease deal. This need not only be limited to actual physical land property but could also mean car parts, equipment and other relevant things that can be rented. The extension is granted only when the renter has met all the previous mentioned criteria. It is important that there is thorough examination done. In case there is any discrepancy, the extension is cancelled and property is passed on to a new renter by the owner.
Sample Property Valuation Lease Extension
The following is the Property Valuation done on behalf of Mr. J Smith for the purpose of lease extension to his renter.
Renter Name: Alyssa Gold
Evaluation by: Harper Real Estate Agents
- The property is a 200 acre green land with a 2 floor condo
- Rent price: $40,000 a month (exclusive of taxes)
- Repair and Maintenance Charges: $8,000
- Staff Charges: $5,000
The property has been rent out for personal use. The time period stated was 5 years which has lapsed.
The owner wishes to evaluate the price of the property as well as its current condition.
- The renter has kept everything in tact as stated in the lease deal
- There have been no complaints from staff
- Extension has been granted.