I have a question for landlords, I purchased a fourplex and Im looking over their lease agreements and I see that its been modified by the previous landlord. The lease is typed out but the modification are in ink. My question is, is this lease still valid? Is the Modification still valid?
Is the modification initialed by all parties? I think mods are ok if everyone approves them.
The modification is only signed by the previous landlord. Also, the previous landlord used several different colors of ink which leads me to believe he made that modification last second to benefit his friend.
The point is, all modifications must be ratified by all parties, full signature and date somewhere otherwise the mods are not enforceable.
Your problem is, if not properly ratified, what's the next step for you - - is it worth your effort to pursue further?
What modification did he make? Did he change the rent amount? Or did he change the date the lease ends?
If the Changes put you at a significant disadvantage then I would look into talking to a lawyer and see it its legally binding, but if its just something that is a mild inconvenience then I would just ride it out until the lease is over and make the tenant sign a new lease or leave.
sorry for the run on thought everyone.