Purchasing lease extension is a common way through which renters are able to extend their period of rent for a certain property or object. This is done essentially by increasing the rent of the property. The owner allows the extension period only after the renter has agreed to the conditions of the owner. This can be slightly tricky since the owner may abuse this power and ask for unfair terms to be followed.
This is the reason the safest thing to do is to consult a lawyer. A lawyer will be able to draft a proper lease extension document that the owner can then refer to. Before going in for an extension, the renter should also be aware of the property details as well. In order to purchase an extension, the right bid needs to be made and this can be done only by valuation of the property.
Sample Purchasing Lease Extension
The following is a request made for purchasing lease extension on:
Property Name: YYTX Housing Complex, Apartment no. 34
Property owner to whom this request has been made: Carolyn Lantern
- Fully furnished apartment with two bedrooms and one kitchen, a dining space and a living room as well as balcony.
- Rent: $5,500 per month
- Rent period: 2 years and subject to renewal as the owner wishes.
- Property location: Near the metro station, two blocks away from the Ohio Medical Hospital and easy bus and taxi transport available.
The renter, Samuel Cole, wishes to extend the period from 2 years to 4 years.
- Property value: $2,300,4000
- Lease extension value: $2000 added to $5,500 per month for 4 years
The owner has agreed upon the purchase value stated by the renter on the following terms:
- No renewal after this extension is made
- Payments must be made the 1st of every month.