 Lease expiration (by don h [MO]) Feb 27, 2024 4:59 PM
 Lease expiration (by plenty [MO]) Feb 27, 2024 5:16 PM
Lease expiration (by DJ [VA]) Feb 27, 2024 7:04 PM
Lease expiration (by Ray-N-Pa [PA]) Feb 27, 2024 7:34 PM
Lease expiration (by BRAD 20,000 [IN]) Feb 27, 2024 11:22 PM
Lease expiration (by S i d [MO]) Feb 28, 2024 10:46 AM
Lease expiration (by Ryan24 [MD]) Mar 4, 2024 9:54 AM
Lease expiration (by zero [IN]) Mar 4, 2024 4:58 PM
Lease expiration (by don h [MO]) Posted on: Feb 27, 2024 4:59 PM
Message:
My 12 month lease has expired. There is nothing in it about automatically reverting to a month to month lease.
One of the two joint tenants moved out. The other is paying full rent on time for the 3 months since expiration and is friendly and cooperative. He is not interested in a 12 month and I'm OK with that. Should I be worried about not writing up a month to month lease for him to sign? --172.59.xxx.xxx |
Lease expiration (by plenty [MO]) Posted on: Feb 27, 2024 5:16 PM
Message:
In Missouri your lease continues on a month to month. Same terms otherwise on the current signed paper work. You don't have to do anything if you want to continue to month to month. That what we do. --172.59.xxx.xxx |
Lease expiration (by DJ [VA]) Posted on: Feb 27, 2024 7:04 PM
Message:
Congratulations on having the good tenant stay.
--68.229.xxx.xxx |
Lease expiration (by Ray-N-Pa [PA]) Posted on: Feb 27, 2024 7:34 PM
Message:
Nice job not getting sucked into the tenant's problem. It is real easy for landlords to get sucked into that rabbit hole --24.101.xxx.xxx |
Lease expiration (by BRAD 20,000 [IN]) Posted on: Feb 27, 2024 11:22 PM
Message:
Don H,
I suggest you tighten your lease to make managing easier and avoid ambiguity. Your investment and income is not up to the res's whims. YOU set the rules.
Specify in print what you want - auto-renew or MTM. Never leave these things up to a judge's interpretation.
My lease is clear: This lease automatically renews each year with a minimum of 2.9% Cost of Living Increase.
Right now that person who left is still on your lease and you need to clarify in writing who is what .
(If the remaining res can afford the rent we will allow the departing res to pay the Early Lease Termination Fee to remove their name.)
Management is an active sport.
BRAD
--73.103.xxx.xxx |
Lease expiration (by S i d [MO]) Posted on: Feb 28, 2024 10:46 AM
Message:
Generally speaking, if there is nothing stated explicitly to the contrary, once the lease expires all you have is a verbal agreement that runs month to month. The reason for this is your lease had a fixed ending date. You either specified it by writing it out (i.e. lease ends on 2/29/2024) or you signed the lease on 2/1/2023 and said it had a 12 month duration. In either case, the lease has expired. In absence of a renewal, you default to a tenancy at will month to month.
Now, as Brad said, a judge might interpret that differently or your state's law might say something about it. It's your job to find out what that is. Most state's LL/T laws are available online, and quick Google search should help you find them.
I also recommend changing your lease for the future: it should specify what happens. Be sure it conforms to your state laws. The reason you want to state it explicitly is that again, once your lease expires, so do any special agreements that are in your lease. Just because the tenant signed a year lease in 2023 that has since expired doesn't mean the rules in that lease are still in effect today. State law will govern most likely. Even if you just change your agreement to say, "After the expiration date, the lease converts to a month to month rental agreement, and all other conditions of the initial lease still apply." That at least clarifies that the old rules and agreements are still in effect.
--70.57.xx.xxx |
Lease expiration (by Ryan24 [MD]) Posted on: Mar 4, 2024 9:54 AM
Message:
You should check the implied lease term in your state but you should also add MTM auto in the future. If you are wondering about your current lease or you don't want to run into any problems then just do an addendum anyway. It doesn't hurt anything to do that. Brad mentioned the cost of living auto increase. I used to do that but then Covid happened and rents went through the roof. 2.5% that we had or the mentioned 2.9% doesn't cover the kind of increases we've seen in the past couple years so we removed it again and now evaluate them on an annual basis for each unit. --73.135.xx.xxx |
Lease expiration (by zero [IN]) Posted on: Mar 4, 2024 4:58 PM
Message:
My lease states 3% increase minimum.
If I drop the ball I get that no matter what. Then I can add to it before hand as I see fit.
Mine are all MTM and I state that it will increase on the yearly anniversary. --107.147.xx.xx |
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