A lease agreement is a contract that is written and signed by both the landlord or property owner and the tenant. The lease agreement states that the tenant is able to occupy a property for a certain period of time. There are different types of lease agreement for residential properties. The property owner may terminate a lease if the tenant does not follow the contract. This may happen at any given time at the will of the property owner.
There may also be modifications made on the lease agreement before it is drawn or even when it is already implemented. Both parties must agree to the lease agreement.
Here are some ways on how to modify a lease agreement:
- Online Lease Agreements. There are different lease agreements that are available online. There is the residential lease, an apartment lease, a rental application, standard lease or a commercial property lease. There is also a letter lease that you might want to draw out. You can download these free contracts and modify them to your liking. There may be some details that you want that are not included in the lease forms. You can make your modifications based on your terms. Also, remember to download the lease form that is appropriate for the location of your property that you are going to rent out. Different states have different laws regarding leases.
- Lawyer. If you don’t have sufficient knowledge in modifying your lease agreement, you can seek the help of a lawyer to do it for you. This is done especially for commercial leases as there are more details regarding the rental of a commercial space compared to a residential property. The lawyer will be able to explain all the details for you, and you can also present him the changes you would want to make in the contract for it to be effective. You can also consult the lawyer regarding lease termination.
- Oral Agreement. The law states that a lease of a term greater than one year must be put in writing in order for it to be effective. It is also stated that any changes and modifications made to a lease agreement must also be put in writing before they are enforced. In some circumstances, the lease agreement may be modified because of an oral agreement. This is not always the case, but some lease agreements may allow this to happen.
These are some of the ways to modify a lease agreement. If you are planning to modify the lease, it is best if you inform the tenant and put it into writing as soon as possible so that the changes will be applied immediately and so that both parties are clear on the modifications that were made. If the changes made to the lease agreement are not put into writing, this may be the cause of problems in the future, especially if the tenant is not clear on the modifications that were made on the contract.