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How to add light in the Lease Renewal

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hey guys cameron here with emerson property management every week i bring you tools tactics strategies lessons ive learned things have helped me build up a size one portfolio about two years and now manage that portfolio today guys i want to talk about renewals um i dont know how youre renewing your leases um people do it all sorts of different ways sometimes theyll do um a verbal and just say hey okay youre gonna stay cool we have an existing lease in place some folks do a one-page you know renewal kind of addendum to the lease some people sign a whole new lease so it just totally depends on what what your process is and what you want to do but on renewing that are you guys getting any extra rent are you guys just happy to have them stay so you dont want to get any extra rent youre like oh i dont want to i dont want to disturb the 10 im not going to raise the rent i want them to stay so i reduced my vacancy you know this property was kind of hard to lease last time so im ju

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What is the difference between renewing and extending a lease?

A lease renewal is when the tenant and landlord agree to another lease term, which may require creating a new lease with updated clauses and a higher rent price in most cases. A lease extension is when tenants need the term extended for a certain period with a lease amendment.

What is the difference between renewal and extension?

The main difference, however, is that when a contract is extended, the contract period is extended on the basis of the existing contract, while when a contract is renewed, the existing contract is replaced by a new one. A contract extension is essentially a contract renewal without changing the terms of the contract.

What is the difference between renew and extend agreement?

Generally, a contract renewal will involve the parties renegotiating the contract terms and entering into a new agreement to replace the existing one. Whereas a contract extension simply extends the term of the existing agreement for a period of time, sometimes with minimal renegotiation of the terms (e.g. pricing).

What is the legal definition of renewal?

1) Voluntary re-establishment of a legal relationship created by a previously agreed-to but expired contract. That is, renewal is not merely an extension of a previous contract but is effectively the creation of a new contract that recreates the previous and now-renewed contract.

What does renewal mean in contract?

Contract renewal is the extension of an existing contract for a new term, the duration of which is specified in the contract. The renewal is often effective with no new consideration, although it is important to look to the laws of a particular state when considering this issue.

How do I renew my lease in Ontario?

Renewing a lease A new lease can be made or the landlord and tenant can agree to renew the lease for another fixed term period. If a new agreement is not docHubed, the tenant still has the right to stay: as a monthly tenant, if they paid their rent by the month in the expired lease.

How do I write a letter to renew my lease?

A lease renewal letter should include the following information: Landlord/Property manager name and address. Tenant name and address. Date of letter. Rental term. Monthly rent amount. Rent increase/decrease (if necessary) Landlord/Property managers signature.

Is a renewal a new tenancy?

A renewal agreement is a new contract, usually for another fixed term. The tenancy terms may not be exactly the same as your current fixed term tenancy.

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Add light in the Lease Renewal