Normally, residential properties are leased for at least a year. At the end of the lease period, the tenant, if he still needs to stay on, may request the landlord that the lease period be further extended. If and when the landlord agrees to this, both parties will have to formalize the arrangement by preparing and signing an Extension of Lease form.
Extension of Lease forms should indicate the basic information found in standard Residential Lease Agreements (name and addresses of parties involved) as well as the new terms of lease (duration, rent due, payment terms, etc).
A lease extension may be as long as another year, or as short as a few months. Since this is often requested by tenants who need more time transferring to another place, extension terms are generally done on a month-to-month basis. There are, however, some inconveniences that may be experienced if the tenant is under a monthly lease extension. One such inconvenience is that the tenant must be ready to accommodate prospective tenants, in case someone drops by unexpectedly to look at the place.
Incidentally, the decision to extend a lease on a residential property depends solely on the discretion of the landlord. It is obvious that tenants who are habitually late in paying rent, do not take care of the property being leased, and show a blatant disregard for the conditions set in the previous contract would find it hard to convince the landlord to give them a slightly longer lease on the property.
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