What is Addendum To Rent Agreement?
A landlord or a tenant will sometime during the rental tenure feel the need for an addendum to the rental agreement. Addenda are basically finer aspects of an agreement the main rental document or standard rental document does not bear. It is not a lease amendment, that is a change of contract, but, it is listing specifics towards a finer agreement.
Residential addendum might include permission to keep pets, permission for parties in rental houses, prohibiting, property maintenance to be filled and time restrictions.
Also Read: What is Accounting Agreement?
Whereas, a commercial addendum can include permission to sublet.
Some of the basic prerequisites of an addendum are –
An addendum supports the general rent document and is invalid without that
An addendum usually works on only one topic of concern
A rent addendum is as important as the original lease and attracts penalties as stated
An original agreement should not be prohibiting the concern in question in the addendum.
The addendum should be accountable. However, some addendums come with multiple clauses, and you can default on certain clauses.
Addendum involves the finer aspects leading to lesser misunderstandings.
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