The Rental Extension Agreement is utilized when both landlord and tenant wish to continue their existing lease arrangement beyond its original term. This document is particularly relevant in Singapore's dynamic property market, where lease extensions are common for both residential and commercial properties. The agreement must comply with Singapore's property laws, including HDB regulations for public housing and URA guidelines for commercial properties. A properly executed Rental Extension Agreement helps avoid disputes by clearly documenting the extended term, updated rental rates, and any modified conditions while maintaining the validity of the original lease terms not specifically amended.
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Key Requirements PROMPT example:
Rental Extension Agreement
"I need a Rental Extension Agreement for my 3-bedroom HDB flat in Tampines, extending the current tenant's lease for another 12 months from March 2025, with a 5% increase in monthly rent and updated utility payment terms."
1. Parties: Identification of landlord and tenant with full legal names and addresses
2. Background: Reference to original lease agreement and intention to extend
3. Definitions: Key terms used in the agreement
4. Extension Term: Specific period of extension and new end date
5. Rent and Payment Terms: Revised rental amount and payment schedule if applicable
6. Confirmation of Original Terms: Statement confirming all other original lease terms remain in effect
7. Execution: Signature blocks and date of agreement
1. Modified Terms: Additional section needed when original lease terms are being modified with new conditions
2. Security Deposit Adjustment: Section required when security deposit amount is being adjusted for the extension period
3. Option for Further Extension: Section to include when parties want to specify terms for additional future extensions
1. Schedule 1 - Original Lease: Copy or details of original lease agreement
2. Schedule 2 - Property Details: Description of the property including any modifications
3. Schedule 3 - Modified Terms: Detailed list of any modified terms from original lease
4. Appendix A - Condition Report: Updated condition report documenting current state of property
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