Help! We are going to close on a property that is occupied by renters with a lease ending January 2019. We are inheriting the renters and lease from the previous owner. There was a handwritten clause stating "tenant has option to renew lease" at the bottom of the contract. We do not want them to renew the lease. They are currently way underpaying ($2100/month when the fair market price is closer to $3000). Thoughts on how to get them out and whether I need to honor this clause? This house is in Alabama.
Is there anything about renewal terms?
When I renew a lease, I do get price up: the better the tenant the less increase.
If your state doesn't regulate the increase, send them new lease to renew with new market price. Take it or leave it