Taking back property mgmt--should I write up a new lease?

Question

I am taking over property management of my property from property management company, but don't mind keeping their same lease.

Do I need to create a new lease (same terms) now that I am new manager or can I just keep the same lease and it can hold up in court if I need to evict tenant, etc?

Thanks,

Rob

Nathan Gesner · Answer

I agree with the others. I give tenants a short introduction letter that includes:

1. I'm the owner/manager. All other terms of the existing lease remain in effect.

2. Where/how to pay rent

3. How to contact me for ordinary questions, concerns, maintenance.

4. How to contact me for true emergencies (if different)

5. Collect updated contact information for all adults

6. Schedule an inspection with one week so I know what I'm working with, can document condition so Tenant can't claim certain damage was pre-existing, and determine if they are any maintenance issues that require attention.

Bjorn Ahlblad · Answer

Provide new payment information to tenant. Lease terms must be honored till lease term is over. Insert your name or company name and cross out PM's name. Tenant initials the change. If your PM kept the security deposit, and they sometimes do; that money must be conveyed to you.

Robert L. · Answer

The original lease is with my company and the tenant so it's all good. A letter for reference is all that would needed. Thanks so much for the feedback

Nate Sanow · Answer

If your state has addendum or supplemental forms, you could possibly get tenants to come to terms with whatever you add / supplement to the original lease.

Drew Sygit · Answer

Evaluate the existing lease and see if you can improve it.

If so, try to get the tenants to sign the new one.

They don't have to sign it, but many will not know that.

Rick Albert · Answer

It is going to come down to what the initial lease says but I would imagine an addendum to the changes would do the trick.

Taking back property mgmt--should I write up a new lease?

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