Lease Renewal Question
Hi,
Newbie question. My current tenant's lease is up in a few months. My property management company emailed me and said they are folding and will cease to exist in 2 weeks (no big loss, they were a nightmare). I'm going to manage my tenant myself going forward. I asked them if they wanted to renew their lease for another year (they're good tenants) and they said yes. My question is: if I have them sign a new lease right now that will include the last couple months of their original term plus a year, is that ok? Or do I need to wait out the current lease which is up in a few months. I'd rather not do that since the lease was written by the soon to be defunct prop management company. If I write it up myself as of tomorrow, then their old lease would overlap with my new lease. Does signing a new lease legally terminate the old lease? thanks for your feedback.