Thursday, August 19, 2010

Do you have to sign a new rental lease when your old one expires?

It depends on your lease and the law in your state.





One of four things happens at the end of a lease:





1. It terminates. The tenancy and right of possession ends whether notice is given or not.





2. It renews for another fixed term - typically a year but could be any other term.





3. It converts to a monthly tenancy and either party can give 30 days notice (or whatever the lease and your state's law says) to vacate.





4. A new lease is signed that dovetails with the old and the tenancy continues under potentially modified terms, such as an increased rent.





In my experience in Virginia, you DO NOT have to sign a whole new lease. However, many landlords opt to do so in case the lease has been updated since the last one was signed. Renewal addendums are also popular if there are no substantial changes in the boilerplate of the lease and lastly, the automatic renewal methods are acceptable as well.Do you have to sign a new rental lease when your old one expires?
Yes, you should definitely sign a new contract for the amount of time you plan on occupying the property. There is nothing worst than having your stuff out on the front lawn when you get home, and having no proof that you were living there. So get it in writing.Do you have to sign a new rental lease when your old one expires?
Under most all circumstances, yes. Although, I have known some people who were told by their landlord that they would not be forced to sign a lease since they had been there for so long, and always paid on time, etc. But if you have a realistic, smart landlord, then yes, there will be a re-newal. If you are hesitant to re-sign, see if there can be any negotiations made such as time, maybe you could work them down from a 1yr to a 6month!
You do if you want to continue the same rental lease agreement or vacate the premises .
If you read the old one, when the first expires it probably turns into a month-to-month tenancy. If the landlord wants to require a new lease they can, with 30 days notice.
You don't have to but it can protect you. A landlord needs to give you at least 30-60 days notice without a lease if s/he wanted you to move out, but it's good to have piece of mind.

No comments:

Post a Comment