 Lease Renewal (by Mary [IL]) Aug 18, 2012 5:14 AM
 Lease Renewal (by NE [PA]) Aug 18, 2012 5:54 AM
Lease Renewal (by Mary [IL]) Aug 18, 2012 6:38 AM
Lease Renewal (by Kay [KS]) Aug 18, 2012 6:49 AM
Lease Renewal (by Mary [IL]) Aug 18, 2012 7:02 AM
Lease Renewal (by LandlordWhisperer [VA]) Aug 18, 2012 7:32 AM
Lease Renewal (by Mary [IL]) Aug 18, 2012 7:37 AM
Lease Renewal (by Kay [KS]) Aug 18, 2012 8:48 AM
Lease Renewal (by CTLL [CT]) Aug 19, 2012 4:40 AM
Lease Renewal (by Nina [CA]) Aug 19, 2012 10:04 AM
Lease Renewal (by Mary [IL]) Aug 19, 2012 1:03 PM
Lease Renewal (by Darla [VA]) Aug 19, 2012 4:25 PM
Lease Renewal (by Mary [IL]) Posted on: Aug 18, 2012 5:14 AM
Message:
State Specific Question About: ILLINOIS (IL)
What do you other LL's do when you renew a 1 year lease? Do you write up a new lease or type up a lease renewal agreement for both the LL and tenant to sign? All terms in the original lease will stay the same. --70.225.xx.xxx |
Lease Renewal (by NE [PA]) Posted on: Aug 18, 2012 5:54 AM
Message:
My lease automatically renews as per a clause in the lease. I will redo a new lease with tenants when raising rents though.
I used to run around to every tenant every year and redo the leases out of paranoia, but now I just let the lease cause do the work for me.
Besides, this time of year, I would much rather spend my time eating a fresh tomato sandwich right from the garden. --173.86.xx.xx |
Lease Renewal (by Mary [IL]) Posted on: Aug 18, 2012 6:38 AM
Message:
NE, Which would you do if you didn't have the auto renewal in your lease as I do not. --70.225.xx.xxx |
Lease Renewal (by Kay [KS]) Posted on: Aug 18, 2012 6:49 AM
Message:
It seems to me that if you do not have anything in your lease about terms beyond the one year, that you would have to draw up another lease. It could be a month to month if you don't want to get into another year's lease. If you do another year's lease, I would suggest that you put the automatic renewal clause into it. --64.151.xx.xx |
Lease Renewal (by Mary [IL]) Posted on: Aug 18, 2012 7:02 AM
Message:
Kay, I do have MTM option in my lease but the tenant asked for another year. They have been great this last year so I thought just typing up an agreement would be good enough because I wouldn't want to rub them the wrong way by changing my lease. They still have time to back out. I just wanted to know if anyone else has done this and if they had any legal problems with a "lease renewal agreement". I don't want to find out the hard way if something would go wrong within this renewal. --70.225.xx.xxx |
Lease Renewal (by LandlordWhisperer [VA]) Posted on: Aug 18, 2012 7:32 AM
Message:
I send a renewal letter with option to leave, renew at increase rent and a dropdead date that they need to return it by or I start my RErenting marketing. --184.0.xxx.xxx |
Lease Renewal (by Mary [IL]) Posted on: Aug 18, 2012 7:37 AM
Message:
LandlordWhisperer, How did the lease renewal letter work out for you with the tenants that took you up on it? What do you think that agreement should include? Have you had any legal problems with a renewal letter VS a new lease? --70.225.xx.xxx |
Lease Renewal (by Kay [KS]) Posted on: Aug 18, 2012 8:48 AM
Message:
Oh, I see Mary. I didn't understand. No, I have not yet had this come up. If I did I would probably just draw up the same lease, changing the dates and maybe think about raising the price of the rent. --64.151.xx.xx |
Lease Renewal (by CTLL [CT]) Posted on: Aug 19, 2012 4:40 AM
Message:
In the early years, I never had any success in giving tenants the option of renewing their leases for another year. Seems they did not want to commit for another year. So sending renewal notices just resulted in the tenant's reply with their 30 day notice to move out.
Here is the lease clause that I have been using for the past 25 years that keeps those tenants who were going to move after their first year but stayed on more than several months or even years:
21. HOLDOVER. If tenant continues to occupy the premises with our applied consent after the lease ends, this lease will continue on a month to month basis. All terms of this lease still apply.
Landlord reserves the right to increase the rent during the month-to-month term by either regular mail notification or hand delivered written notice to tenant at least 30 days in advance. Note: A 30-day (full month 1st to 30th) written notice is required to terminate and/or to vacate the premises by either tenant or landlord. Full payment of rent is due for the last month and shall not be pro-rated. Tenants cannot apply the security deposit towards the last or any rent payment.
--72.200.xxx.x |
Lease Renewal (by Nina [CA]) Posted on: Aug 19, 2012 10:04 AM
Message:
Ne (PA) can you please include an example of your automatic lease clause renewal. I'd like to include it in my lease. --24.30.xxx.xxx |
Lease Renewal (by Mary [IL]) Posted on: Aug 19, 2012 1:03 PM
Message:
CTLL, The tenants approached me to renew for another year. I don't send out notices either. The others have either went with the MTM or moved. --70.225.xx.xx |
Lease Renewal (by Darla [VA]) Posted on: Aug 19, 2012 4:25 PM
Message:
I've never completely re-written the whole lease. Just make an addendum of the items that are changing. Refer to the lease and both parties sign. You also can include in the addendum a clause for automatic renewal in the future. --71.176.xx.x |
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