Property Management
What is a 'lease renewal' versus a 'lease extension' in Delaware?
ABoth terms mean the same thing
BA lease renewal creates a new lease for a new term; a lease extension continues the existing lease for an additional period✓ Correct
CA renewal is initiated by the tenant; an extension is initiated by the landlord
DExtensions apply to commercial leases; renewals apply to residential
Explanation
A lease renewal creates a brand new lease agreement for a new term, potentially with new terms and conditions. A lease extension continues the existing lease under the same terms for an additional period.
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