My Tenant in an apartment in NJ is coming up on the end of her lease and she would like to renew. I have seen a bunch of renewal forms online and just wanted to see if these were legit or if I should have a lawyer draft something up. The first lease was generated through the realtor since they originally placed the tenant.
It depends on what the original lease says (some have language indicating they automatically renew for one year, or automatically convert to month to month).
But, generally speaking, you're in a better position with a new lease that covers the specified term of the tenancy.
What it boils down to is will your lease hold up to legal scrutiny if you have to file for an eviction? And you don't want any cracks whatsoever in that armor.
So yes - I'd recommend talking to an attorney in your State who specializes in leases and evictions.
Your BIO say's you have 1 rental unit.
You need to check your state landlord tenant laws, and follow those rules, you can google NOLO it's a resource for tenant and landlord laws, and good place to start.
I'd see if the state has a housing association or website usually they have good leases if your a member you can get.
An attorney is fine but you may be able
If you don't have a well written lease, I wouldn't add a renewal form on top of that. Usually a renewal notice is sent out per notice period in the lease,, like 70 to 65 day's prior. and with any rent increases your asking. this give's the renter enough time to decide if they want to stay accept the increase or give proper notice to vacate which is "60 days,1 day prior to the 1st day of the new month.
If you give renewal to close to notice date it creates problems..
A complete new lease with new lease terms is then written for the new period if it's 12 month's or month to month. A new lease is usually preferred.
Good time to get it done right.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.