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Time for a new lease?

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RealEstateJ | 11 Nov 2014, 05:01 PM Agree 0
One of my three tenants is leaving three months prior to the lease being up. He found a replacement who gets along with the other tenants and things have been fine. Should I have all three sign a new lease?
  • | 15 Dec 2014, 09:05 AM Agree 1
    Just have the new tenant sign the original lease and at renewal time they all sign the new lease
  • Freedom Malhotra, Condo Planet | 17 Dec 2014, 08:26 PM Agree 0
    If you are keeping the terms the same where the lease still ends in 3 months, there is really no point in drafting a new lease. In such circumstances, I recommend amending the existing lease to add this new tenant.

    Renewing a lease is not always the best option for landlords. Technically, an existing lease does not expire after the term is up. It just turns into a month to month lease where the tenant must given notice in accordance with the provincial legislation that may apply depending on where you live.

    Asking your tenants to sign a new lease can limit your options especially if you are not happy with your tenants or are considering selling in the near future. Once you commit to another year lease, you cannot exercise many of your rights as an owner until the lease period is up.



  • Freedom Malhotra, Condo Planet | 17 Dec 2014, 08:26 PM Agree 0
    If you are keeping the terms the same where the lease still ends in 3 months, there is really no point in drafting a new lease. In such circumstances, I recommend amending the existing lease to add this new tenant.

    Renewing a lease is not always the best option for landlords. Technically, an existing lease does not expire after the term is up. It just turns into a month to month lease where the tenant must given notice in accordance with the provincial legislation that may apply depending on where you live.

    Asking your tenants to sign a new lease can limit your options especially if you are not happy with your tenants or are considering selling in the near future. Once you commit to another year lease, you cannot exercise many of your rights as an owner until the lease period is up.



  • sergerybrin | 19 Feb 2016, 11:44 PM Agree 0
    Ask to your new tenants if they interested to sign a lease if yes then renewal time on sign lease.. ..
  • sergerybrin | 19 Feb 2016, 11:44 PM Agree 0
    Ask to your new tenants if they interested to sign a lease if yes then renewal time on sign lease.. ..
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