For lease renewals that are yearly, do you sign entire lease or just the addendum?
If it’s entire lease, what dates do you put in new lease? Let’s say the current lease runs from Aug 1st, 22-July 31st, 23 and you’re renewing it today, March 1st, 23.
Should I use Aug 1st, 23 (end date of current lease) -July31st, 24 Or is it Mar 1st, 23 (today’s/signature date) - July 31st, 24. I wasn’t sure if previous lease that covers from today till July 31st, 23 is still valid once the new lease executes.
We don't have them sign the new lease until about a month or so before the old one expires. The new lease begins the day after the previous lease ends. A current lease doesn't expire because of a future lease.
We also have them sign an entirely new lease. IMO, it's better to put that document in front of them once a year, walk through it to refresh everyone's memories on the terms and conditions, and make sure they have an updated copy on file. We add at least one new clause a year, so it's easier to just give them the entire lease. We sign at the property, so we have an opportunity to check up on the place and the tenant.
If you get too many addendums flying around with all kinds of overlapping dates, you're going to end up with a much more confusing paper trail.
I use a simple lease extension form. Confirm dates and rent amount. Use a statement that all other terms and conditions remain unchanged. We also do an annual home inspection at this time. Maybe we won't want to renew after that?