Investor · VA · Member since 2016 · 47 posts · 26 votes
I purchased a property that was tenant-occupied. The property was previously managed by a management company that I decided not to use because I decided to manage the property myself.
The tenant's lease is expiring in a few months and he wants to renew it. I told him I will keep all the same terms as he had with the property management company.
Should I create a whole new lease or can I create some sort of addendum that says "Following all terms from the [previous lease agreement], I hereby affirm to resign a lease from __________ to _________." Obviously, not that those exact words but basically just using an addendum that's like one page long. OR should I just rewrite a whole new lease with the same terms?
Minneapolis, MN · Member since 2013 · 2k+ posts · 1k+ votes
9y
Yes create a new lease. You could follow the same format as original lease if you find it is suitable.
Give him proper notice of lease renewal terms and that signed paperwork must be completed by XXX date.
I'd do a condition sheet walk thru and update that as per your ownership date, any prior damages or condition is no longer the tenants responsibly, it's from your date of ownership that the condition of unit apply s to security damage deposit.
Follow your state landlord tenant laws and your area may have a landlord association that has legal forms for leases that you could obtain.