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
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