How can we renew a contract of lease? Should we let them sign a new contract of lease?

Question by aykes: How can we renew a contract of lease? Should we let them sign a new contract of lease?
we own an apartment and our contract is good for one year only. how can we renew their contract? should we let them sign again a contract like the first contract they signed when they first got in our apartment?

Best answer:

Answer by Patrick
I am assuming that you wrote this lease up yourself. yes, you should have them sign a new lease. In the absence of a signed lease most localities consider a lease to go to month to month. Some localities however will renew the existing lease according to the existing terms. That means if you wanted to raise rents you could not as you are stuck with another one year lease at the existing terms.

If you want them to sign a new lease first give them notice in writing that you are opting not to continue their current lease and give them a copy of the new lease to sign. Doing this protects you from the possibility that they don’t sign the lease before the current one expires and you are stuck with them at the existing terms.

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