60 Days before a lease is to end my tenants have a lease renewal option form. They choose the option they'd like - 1 Year, 6 Months or Month to Month, Sign and date it and get it back to me. At this point, do I need to reprint their lease and have them and myself sign and date it. OR can their signing the renewal form serve to continue the lease terms from before?
Thanks for any input.
You should make a lease addendum that has all of the new information in it. New lease rate if it is different from the original rate. The new dates that the lease is effective for etc. You need a document that has both parties signatures on it.
@Lynel Johnson we have been drafting a new lease every year for our tenants here in the Chicago western suburbs. I like to be as detailed as possible on the lease, and we continue to upgrade and improve it as we go. I have been using docusign to do e signatures though, so it has made the process quite a bit simpler. You might look into some of the e-signature software that is out there so you can get rid of all the paper cluttering up your life! This was an easy transition for me, since I had the software from being a realtor.
@John Warren Thank you so much for your input. That would be very helpful. I'll be looking into this option.
you can have them sign a brand new lease agreement, but if you are only changing the rent or simply extending your original, it is unnecessary. all you truly need from a contract point of view is an addendum to original lease, which references the original.
Thanks @Andrew B.