Document background
The Extend Lease Agreement is a crucial document used in Malaysian property transactions when parties wish to continue their landlord-tenant relationship beyond the initial lease term. It's commonly used when both parties are satisfied with their arrangement and prefer to extend rather than create a new lease. The document must comply with Malaysian legislation, including the National Land Code 1965, Contracts Act 1950, and Stamp Act 1949. It typically includes details of the extension period, any revised terms (such as rental adjustments), and confirmations of continuing obligations. This type of agreement is particularly valuable as it provides continuity while allowing for necessary updates to terms, avoiding the complexity and cost of creating an entirely new lease. The Extend Lease Agreement can be used for both commercial and residential properties, requiring proper execution and stamping to be legally enforceable in Malaysia.
