Apr 3 2017, 10:28 AM
QUOTE(sixshot @ Apr 2 2017, 02:49 PM)
I need some advice from experts here.
I owned a condo, currently being rented out. As per rental agreement, its until July this year (2 years period). The original rent period is 2+1, with 1 being optional.
Now my tenant want to extend the rent period for only 6 months instead of 1 year.
So my questions is:-
1. Should I prepare a new contract?
2. In normal practise, the rental should be maintained or increase?
there's no need for a new contract unless there is a material change in terms.I owned a condo, currently being rented out. As per rental agreement, its until July this year (2 years period). The original rent period is 2+1, with 1 being optional.
Now my tenant want to extend the rent period for only 6 months instead of 1 year.
So my questions is:-
1. Should I prepare a new contract?
2. In normal practise, the rental should be maintained or increase?
what you need to do is prepare a letter of extension making specific reference to that tenancy agreement and which clause. also specified exactly the term and when it commences and ends.
stamping is just legal formality (if you need to admit it to the court for dispute) so if you are fine, you can make do without it cause it's only for 6 months anyway but if you want to have it stamp, also won't be expensive.
usually, rents will be increase 10% from the previous ones but up to negotiation.
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