How do the extension formulas work?
Record the term, extension and notice period of a rental contract.
With the extension formula, you record how long a rental contract runs, how it is extended and which notice period applies. OWNER uses it to calculate when the rental contract can be terminated.
In this article
How the extension formula works
An extension formula consists of one or more rules: a number of times a term, with a notice period. Check Recurrence if a term repeats indefinitely; the formula then shows "n x".
| Agreement | Extension formula |
|---|---|
| At least 1 year, notice period 3 months | 1 x 1 year notice: 3 months |
| Extended by 1 year each time, notice period 3 months | n x 1 year notice: 3 months |
| First 5 years (notice 1 year), then 1 year each time (notice 3 months) | 1 x 5 years notice: 1 year n x 1 year notice: 3 months |
What does OWNER use it for?
OWNER uses the extension formula to calculate how long the rental contract still runs and when the tenant or landlord can terminate it. You see those moments in the rent list under Insights > Rent list and in the calendar.
Note: The extension formula doesn't affect invoicing. OWNER keeps invoicing until the rental contract or the invoicing has an end date.
Does the tenant also have an interim termination option? Read How do I register a break option?.
Still need help?
Contact support:
- Chat: via the help center (chat button at the bottom right)
- Email: support@owner.app
- Call or WhatsApp: +31 591 799 602