Q:

What is a letter of intent to renew a lease?

A:

Quick Answer

A letter of intent to renew a lease is a notice from a tenant to a landlord stating that the tenant is exercising his option to renew the existing lease for an additional time period. FindLaw notes that the lease agreement must be renewed within a certain window of time in order for it to be binding.

Continue Reading

Full Answer

Microsoft Office supplies a template entitled Tenant's Notice to Exercise Option to Renew Lease, which is downloadable from the company website. The template reflects a standard letter format for the procedure, in which the tenant supplies the landlord's name, address of the property and date of the letter. It specifies the beginning and terminating dates of the lease extension, the amount of the rent on an annual basis and how much is due each month. The letter is dated and signed by the tenant and is typically delivered by certified mail.

The letter of intent to renew a lease serves as a notice that the lease is extended with the same terms as the original lease, unless the landlord has given written notice of any rent increases or other changes within the legally required time period prior to the lease expiration, which is typically 30 days, according to SFGate Home Guides. Rocket Lawyer explains that the lease renewal gives both parties a chance to make changes that everyone agrees upon while still retaining the other original clauses of the lease.

Learn more about Real Estate

Related Questions

  • Q:

    What are some free landlord tenant letters?

    A:

    Free landlord letters can include a variety of forms and correspondences to inform a tenant of situations such as intent to enter the premises, a request for the tenant to pay outstanding rent or an eviction notice for violating terms of the lease. Free letters from tenants to landlords may include a notice declining to renew a lease or a request to complete repairs on the property.

    Full Answer >
    Filed Under:
  • Q:

    What is a free sample "notice to vacate" for a tenant of a rental house?

    A:

    A free sample of a notice to evacuate includes legal information that provides the tenant with notice of possible eviction if terms of the lease are not satisfied, according to Rocket Lawyer. The notice to evacuate serves as an official record used in the courts to process evictions.

    Full Answer >
    Filed Under:
  • Q:

    What are the eviction laws in the state of Indiana?

    A:

    In Indiana, the first step a landlord must take in evicting a tenant for failure to pay rent or other breach of the terms of the lease is to provide an eviction notice. After receipt of the notice, the tenant has 10 to 30 days, depending on the type of lease, to pay the missed rent or otherwise remedy the breach of the lease. Indiana law prohibits self-help evictions.

    Full Answer >
    Filed Under:
  • Q:

    What declarations are common in a notice to vacate?

    A:

    Common declarations in a notice to vacate include notice that the tenant is being evicted according to the time-frame directed by the lease, reasons for the eviction and the date by which belongings must be removed. It includes instructions relative to final inspection, security deposit and the return of keys.

    Full Answer >
    Filed Under:

Explore