Document background
The Renew Tenancy Agreement is essential when parties wish to extend an existing lease arrangement while potentially modifying certain terms. This document is commonly used in the United States real estate market when both landlord and tenant agree to continue their rental relationship beyond the initial lease term. It should be utilized when the original lease is approaching its end date and both parties wish to continue the arrangement, whether with the same or modified terms. The document must comply with both federal regulations (such as the Fair Housing Act) and state-specific landlord-tenant laws, which vary by jurisdiction. It typically includes updates to key terms such as rental amount, duration of the new term, and any modifications to the original agreement's conditions. The renewal agreement can be used for both residential and commercial properties, requiring different considerations depending on the property type and local regulations.
