Renting an apartment or a house in Alberta is a great option for many people. In fact, the province has a wide range of affordable properties that cater to different types of tenants. However, if you have been renting for a while, you may have to renew your lease agreement once or twice. This article will discuss the extension of lease agreements in Alberta, and what tenants should know before signing them.
First off, it`s good to know that lease agreements in Alberta are regulated by the Residential Tenancies Act. As per this law, leases can be for a fixed term or periodic (month-to-month) basis. The fixed term lease agreements have a specific start and end date, while periodic leases continue on a month-to-month basis until either the tenant or landlord terminates the agreement.
When a fixed-term lease agreement is coming to an end, tenants have three options: they can either sign a new fixed-term agreement, switch to a periodic tenancy, or leave the rental property. If a tenant wants to continue renting the property, the most common option is to sign a lease extension agreement.
A lease extension agreement is a legal document that extends the original lease agreement for a specified period. The terms of the extension agreement are generally the same as those of the original lease, but it can include changes such as a rent increase or a requirement to perform maintenance on the property.
When a tenant receives an extension agreement, they should take the time to read it carefully and understand the terms before signing it. The key details to look out for include the new lease term, the new rent amount, and any clauses that may have been added or removed. If there are any changes to the original lease agreement, it`s essential to make sure that they are acceptable before signing the extension.
It`s also worth noting that if a tenant decides not to sign an extension agreement and continues living in the property past the end of the original lease term, they will automatically enter into a periodic tenancy. In this case, the landlord has the right to increase the rent amount with proper notice, and the tenant can still terminate the tenancy with one month`s notice.
In conclusion, lease extension agreements can be a convenient option for tenants who want to continue renting their property in Alberta. However, it`s important to read the agreement carefully and understand the terms before signing it. If you have any questions about lease agreements or other residential tenancy matters, it`s always best to seek advice from a qualified expert.