A rent review memorandum is a document that acknowledges that a new rent will be applied to the lease after a rent review. Most leases provide a rent review to account for unforeseen circumstances, such as economic downturns.
Landlords and tenants should use this document after they have reached an agreement after a rent review.
Users should be mindful of their lease's terms and conditions of their rent review clauses. Some rent review clauses may contain up-wards only rent review, some may stipulate the frequency of rent reviews within a lease period. Different clauses may rely on different types of valuation and methods, such as indexation (e.g. retail price index or an arithmetical calculation).
Each party to the lease should keep a copy of this document for future rent reviews.
1. Click the “Create Document” button and fill in the details of the parties. You can click the “Fill with Member’s Information” button to complete the party’s information with your personal or business information saved to your account.
2. Please fill in any additional information by following the step-by-step guide on the left-hand side of the preview document and clicking the “Next” button.
3. When you are done, click the “Get Document” button and you can download the document in Word or PDF format.
4. Please get all parties to review the document carefully and make any final modifications to ensure that the details are correct before signing the document. Each party should have a copy of the executed document.