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Updated over 4 years ago on . Most recent reply

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Verleecia Allen
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Need to know if I need a new lease

Verleecia Allen
Posted

I plan to end my contract with my pm( have to give 60 days). I want to know if I need to have a new lease signed with the tenant.

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Kathy Henley
  • Rental Property Investor
  • St. Louis, MO
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Kathy Henley
  • Rental Property Investor
  • St. Louis, MO
Replied

No @Verleecia Allen The lease follows the Tenant. On the day that you take over property management, Tenant needs to know where to pay rent and how to contact PM for service requests. A written letter is best because you will have a record of the announcement. A friendly hello is appreciated. 

When the lease term is nearing completion, read the lease to see how to renew or, to serve notice that you will not renew. If you are both happy and want to re-up the lease, you need only refresh the dates on an Amendment to the Lease, and any other details; all items not mentioned on the Amendment ride again to the end of new term. Or you could start over with a new document.

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