Lease renewal question

[Harry M.]

Hey Folks - quick question for you.
We recently purchased a duplex, already with tenants.
The leases are up soon. My question is about how to handle the renewals:

1) Create a new lease.
2) Create an addendum to the existing lease, saying that the agreement between old owner and tenant is now is now between us and tenant (any tips on language also much appreciated).

The content of the old lease is ok, so I'm mostly interested if there is any advantage of one over the other.

Thanks in advance for any replies.

[Ralph S.]

A lot will depend upon what's in the lease now and state and local LL and Tenant laws. In some states, you can do nothing and at the end of the lease, it reverts to a MTM with all the other lease conditions remaining in place. Others might require a 30 or 60 day notice. There is a growing bias toward MTM instead of leases here on BP, so read up and consider other options.
No such thing as an OK lease, IMO, only one that can always be improved, usually after a bad and costly learning experience. There is a lot written here on BP about lease clauses, best to learn from others, and keep in mind your states laws about what is or is not considered allowable.
You're in a touchy situation right now, new LL and leases coming due. Your tenants also have a lot of questions right now, like wondering what to expect from you and whether they should stay or not. If you come on too strong, start making changes and the like, they'll take flight and leave you with vacancies right away. So, consider the quality of your existing tenants in your plans. Requalify as you would qualify any applicant, and determine if you want them to stay or not.
Sorry, but too many variables in your situation to make it a quick answer. Maybe by bumping this back up, others will contribute.

Good luck, and welcome to BP.

Ralph