Hello! Am I better off doing a quick 1 page renewal form which states everything from previous lease agreement stays in effect and allows me to increase rent or should I have each Tenant sign a full new lease?
I Have always did a full new lease but now having more and more units this is very time change consuming.
I would love to hear everyone’s thoughts.
Great question Sean, I've always done a full lease renewal with my NJ properties. Curious if anybody has found a shortcut for renewals as well.
Hello Chris..I have found 1-2 page documents online for keeping the existing terms of old lease in place, but allow you to increase price and renew for another year.
I usually advise clients use a special renewal agreement for leases. Typically this is a one-two page form outlining the new price and keeping other conditions of the original lease in place. The right option mostly depends on your specific goals.
@Sean Fisher I don't use the shortcut method, you can use it and it may work to great effect 99% of the time, but the 1% of the time that an issue arises as a result of the shortcut it can be a true nightmare. Just my $.02
1 page addendum to original lease, outlining any changes and stating all other terms and conditions of original lease (state property and date originally signed) signed by all parties will suffice.