Purchased A 4 Unit, 2 Units Are Already Rented Do I Need A New Lease Agreement?
The two tenants leases end in Sept this year. Do they need to complete a new lease with me or just as statement from me honoring their lease?
Good Day to you:
From a legal standpoint, you should make them sign a new lease with you. Previous owners may not like the fact that they would still be tied to the situation, and if you need to take any action on the tenant, you will find it easier going if you are the legal entity instead of the previous owners.
It's also an opportunity to increase rents slightly.
Good Luck and make $$$
Tom
You can transfer the existing leases. I would sit down like Tom mentioned with
the new tenants and give them your expectations and have them sign a new lease if possible.
Best RIches,
Jeff Adam
[addsig]
In Florida, the lease stays with the property. Hopefully the owner's will give you written copies of their lease. They must give you the security deposits.
You must honor their lease. If they consent, you can cancel their old lease and have them sign a new one - but only if they consent. Get the cancel of the old lease written and signed.
I would not rock the boat with the current tenants unless you can afford to have 4 vacancies. I would meet them in person and give them a warm and fuzzy that you are not immediately going to raise rents or make any dramatic changes.
Brenda
Thanks for the responses everyone, what are y'all doing up so early?
In DC, "I think", the leases stay with the building too. I was given the deposits at settlement and I don't mind how their lease agreements are set up.
Maybe I'll just do an addendum to their leases stating everything will stay the same........for now..
Quote:
On 2004-02-16 09:52, bgrossnickle wrote:
In Florida, the lease stays with the property. Hopefully the owner's will give you written copies of their lease. They must give you the security deposits.
You must honor their lease. If they consent, you can cancel their old lease and have them sign a new one - but only if they consent. Get the cancel of the old lease written and signed.
I would not rock the boat with the current tenants unless you can afford to have 4 vacancies. I would meet them in person and give them a warm and fuzzy that you are not immediately going to raise rents or make any dramatic changes.
Brenda
As Brenda said you must honor the leases. If you find you have a problem tenant you can have them out sooner. By giving 30 days notice before lease expiration you can tell them you will not renew their lease.
This may come as a surprise to some of you, but an existing lease stays in place in every state of the union until it expires.
Rather than use technical lingo, you should send a letter to the 2 lessees, for their signatures, stating the lease amount, terms, expiration date,& security deposit. You should meet with them to set forth your requirements (which can't conflict with the active lease) and if it's to your benefit talk about a new lease.
Hello.
You can always offer them a new 1 year lease at the same rate that they are currently paying.
You may lose 5 months worth of monthly increases - about $250 - but you may gain 5 months worth of monthly rent receipts - $2500 to $3500.
It's definitely worth the effort to see if they would like to renew now.
Good Luck.
Hmm, interesting..
Quote:
On 2004-02-16 12:04, diatribe wrote:
Hello.
You can always offer them a new 1 year lease at the same rate that they are currently paying.
You may lose 5 months worth of monthly increases - about $250 - but you may gain 5 months worth of monthly rent receipts - $2500 to $3500.
It's definitely worth the effort to see if they would like to renew now.
Good Luck.