Switching PMs but the current PM doesn't have one of the leases, thoughts?

[Evan C.]

So it looks like I'm missing a lease. I rented out two properties together under an old PM company. They leased up a few months apart. Then, a few months later, old PM company got bought out by new PM company. New PM isn't performing well so I went to review all my records and prepare to transition to a different PM. Then I discover that I don't seem to have the lease from one property. Nowhere can I find where the old PM sent it to me, though I know the renewal date, the tenant, and the rent. Also, new PM doesn't seem to have it in their records. I want to move to a (hopefully) better run PM company, but I really need all the leases to do this. We have a couple of weeks until I have to notify the new PM that I'm not renewing the property management agreement. Would you work with the new PM to find the lease or is there a solution to transition without it?

[Nathan Strahan]

I'm not a lawyer, but I can try to offer some general guidance on your situation. Since you are missing the lease for one of your properties and neither the old nor the new property management company seems to have it, here are a few steps you can consider:

1. Communicate with the new PM: Reach out to the new PM company and explain the situation. Inform them that you are missing the lease for one of your properties and inquire if they have any additional information or suggestions on how to proceed.
2. Verify with the tenant: Contact the tenant of the property in question and explain that you are missing the lease documentation. Politely ask if they have a copy of the lease or any records related to it. They may have a copy stored digitally or in physical form.
3. Review communications: Go through your email, physical correspondence, and any other communication channels you have with the old PM company. Look for any conversations or attachments that might contain the lease document. Pay particular attention to the period around the lease start and renewal dates.
4. Check with your records: Review your personal records, such as your computer files, cloud storage, or any physical files you may have. Sometimes important documents can be inadvertently stored in unexpected places.
5. Consult legal advice: If you have exhausted all avenues and still cannot locate the lease, it may be beneficial to consult with a legal professional who specializes in real estate law. They can provide guidance on how to proceed legally without the lease documentation and advise you on any potential implications.