As a landlord, you will agree with me that managing a rental property isn’t as easy as walking in a park. Oftentimes, problems will keep on emerging. While a lease agreement can be used in addressing some of these issues, sometimes, you may find it not fitting in some situations. Therefore, you’ll find a need to refine, add, or adjust your lease agreement so as to cater to a wide range of issues that may pop up in the future. It is for this reason that you will have to create a lease addendum (addenda). A lease addenda will help seal all the loopholes making your leases as efficient and airtight as possible hence preventing any problems from happening.
What is the Lease Addendum?
A lease addendum is a special document that is added to a lease agreement highlighting prearranged modifications. After the lease agreement has been signed, the landlord/tenant may feel that there are important considerations, such as additional rules, terms, or provisions that need to be added to the original lease agreement.
However, it is important to note that a lease addendum doesn’t involve renegotiation of the existing terms. Instead, it only adds important factors that might have been forgotten during the drafting of the original agreement. In other words, the addendum strengthens the agreement hence avoiding future problems from manifesting.
Templates by types
Benefits of Adding a Lease Addendum?
A lease addendum provides an extremely useful tool in protecting landlords and tenants alike. It helps mitigate some issues that the original lease may not address effectively. Oftentimes, misunderstandings usually occur between tenant and their landlords. While some of these misunderstandings can be seen in advance and mitigated, some often come along the way after the original agreement has been made. In such cases, an addendum can always be necessary.
In addition, a lease addendum also provides both the tenant and the landlord some flexibility. Since the addendum is separate from the original agreement, the tenant can always choose which addenda to sign and which one to ignore. This also makes them agree on the addendum that is necessary and relevant.
Also, an addendum is meant to offer additional protection to a lease agreement. Therefore, the more the lease addendum signed, the more protected and prepared both parties are should anything get amess.
How to Write a Lease Addendum
Creating a lease addendum requires some special know-how. Remember, you are getting into an agreement that must be adhered to the later. Therefore, if you are green in drafting one, you can go ahead and download our free lease addendum templates. By downloading our templates, you’ll find the whole process of creating a lease addendum easy and fast. Alongside with our templates, the following guide will help you customize your addendum like a pro.
Review the original lease
Before making a move of creating the addendum, it’s always advised that you revisit the original lease agreement. Take time to understand and compare what’s included in the originals Vis a-vie what you would want to get adjusted. In most cases, it’s the landlord that brings the addendum to the table. Therefore, as a tenant, you’ll always have the right to make the changes you agree to.
Make a list of requirements
After carefully and critically reviewing the original lease agreement, you can now make a list of items you would want to be changed/adjusted. While different states make it mandatory for tenants to sign specific addendums, it’s always good to include an attorney in the signing. For instance, some states permit tenants to sign pet addendums by law. Other states allow landlords to visit the property at certain dates in order to cure pests. Therefore, there are different addendums that either favors the landlord or the tenants. Regarding which side you are or state, it’s important that you list all your needs and present it in the addendum.
Compete and attach the addendum
After either the party (landlord/tenant) has presented their list of needs, they need to sit down and reach an agreement. Thereafter, they are expected to sign the addendum in the presence of a witness before attaching it to the main lease. Both the parties should remain with the copy of the main lease as well as the attached addendums. In some situations, however, the addendum can be added to the main lease just in case the need arises. For instance, a tenant may fail to pay rent as agreed in the main lease. In such cases, the landlord may attach the addendum to the original lease and let the tenant vacate/sublet the apartment.
What Happens When an Addendum is Violated?
The moment each party signs into the addendum, it becomes a legal binding agreement. Therefore, each party is expected to follow every rule highlighted in the addendum. As such, any violation of these rules is treated as an offense chargeable in a court of law, or eviction from the property.