Late Fee Terms After 1yr Lease Expires

4 Replies

I've been told that my long held beliefs are not true. I've always thought that at the end of a 1 year residential lease, that it automatically becomes a month to month lease with the same terms, such as in late fees. I've been told that I can no longer charge late fees unless there is a new lease agreement.

Is this true? I guess I need to check Wisconsin State law...

Thank you, 

Arnie

Thank you, but that's not what I asked.

@Arnie Guida  

i have never heard that! That being said, you have to check your local state laws. Honestly I don't like month to month leases so I simply have my tenants resign a new lease every year. 

@Arnie Guida

Yes, we do have different tenant landlord laws, depending upon the lease term in WI. I typically draft an extension of the original lease or have them sign a new lease. The biggest difference that you will find in the statutes, is how notice for non payment and or eviction needs to be handled. It is in your best interest to review the laws. You should be able to Google the states websites.

Happy Investing

Derek Dombeck