That time of year is coming up again. Your rental contract is almost finished, and it is time to think about staying in your home for another year. Renewing your lease should not be confusing. With the right document, it can be a simple process.
A good lease renewal agreement is your best friend. It ensures everyone understands the new rules. Here are key things to include for a smooth year ahead.
The new rental amount and payment plan:
This is the most important part. Your renewal document must state the new yearly rent. Write the amount in numbers and words to avoid mistakes. Also, list how you will pay. Will it be with one cheque for the whole year, or with multiple cheques? Be very clear about the number of cheques and the due date for each payment.
The renewal term and dates:
How long is the new agreement for? Most people renew for one year, but you can sometimes agree on a different period. The document must show the exact start date and the end date of your new tenancy. This tells you exactly how long you can call the property your home.
Any changes to the rules:
Sometimes, rules should be updated. This is your chance to write down any new agreements. For example, is there a new policy for using the building’s pool or gym? Are there new rules about keeping pets? If anything has changed from your old contract, it must be written clearly in the new one.
Details about the security deposit:
You have already paid a security deposit. Your renewal document should confirm that this same deposit is being held for the new contract term. It should also repeat the conditions for getting your full deposit back when you finally decide to move out. This avoids any confusion later.
A clear list of responsibilities:
Who handles AC servicing? Who pays for minor plumbing repairs? The renewal should remind both you and the landlord of your duties. A simple list that separates tenant responsibilities from landlord responsibilities helps prevent future disagreements over maintenance.
Signatures and real estate agency information:
Finally, the document is not official until everyone signs it. Ensure there is a space for your signature, the landlord’s signature, and the date. If a real estate agency helped with the renewal, their name and contact information should also be on the paper. This makes the agreement complete and legally sound.
