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Last revision: 10/11/2023
Available formats: Word and PDF
Size: 4 to 6 pagesFill out the template
This Residential Lease Renewal Agreement is a document that is used to extend the term of a current residential lease.
Residential leases are leases designed for people to live in.
In a In fixed-term residential lease, the tenant occupies a rental property for a fixed term, and at the expiration of that term, the tenant is expected to vacate the property, except there is a renewal. Therefore, this document should be used when a tenant wishes to extend the lease on their apartment or home and the landlord agrees. It allows both parties to continue their relationship and modify the terms of the residential lease.
This document is used to modify the terms of the original lease agreement, such as the rent increase or the structure of the lease (for example, from monthly rent payment to yearly payment). This means that the document retains most parts of the original residential lease except the terms that are modified in the lease renewal. This document can only be used to renew a Residential Lease Agreement. However, the Commercial Lease Renewal Agreement should be used to renew a Commercial Lease.
How to use this document
A tenant or landlord can use this agreement when the tenant's residential lease is about to expire and the parties have agreed to renew their original lease. Once both parties have agreed to the renewal, the parties can use this document to outline the terms of the renewed lease. The individual using this document should fill out the information required for this document, which include the renewed term, the commencement and expiration date of the new lease, the new rent payment, and modifications to the original lease.
After completing this document, it should be printed and signed by the landlord and the tenant and each party should keep one signed copy for record purposes.
The following laws applicable to leases in Nigeria also apply to this document. These laws include the following:
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