
Rent to buy schemes in Australia
Did you know that in some states in Australia there are houses for rent you can build equity on while being a tenant? It’s not that common here, but rent to own plans do exist. In theory, they’re...
An extension of lease refers to the process of prolonging the duration of a lease agreement between a tenant and a landlord.
An extension of lease refers to the process of prolonging the duration of a lease agreement between a tenant and a landlord. This means that the tenant will continue to occupy and use the leased property for a specified additional period beyond the original lease term.
A lease extension occurs when both the tenant and landlord agree to prolong the existing lease beyond its original expiration date. This process involves amending the terms of the current lease to extend the duration of occupancy. It's like adding extra time onto the end of the existing lease agreement, allowing the tenant to continue living or operating in the property without the need for a completely new contract.
On the other hand, a lease renewal involves creating an entirely new lease agreement after the current one has ended. This typically happens when the original lease term has expired, and both parties wish to continue the tenancy. In a lease renewal, the terms of the old lease may be renegotiated, and adjustments can be made to reflect any changes in circumstances or market conditions.
Not necessarily. The rent for an extension of a lease may or may not be higher, and it depends on various factors. If there's a provision in the original lease agreement or if the market conditions have changed, the rent might increase.
However, sometimes the rent remains the same if both parties agree to such terms during the negotiation for the lease extension.
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