MONTH TO MONTH ORAL LEASE & WRITTEN LEASE
As I mentioned in part one of this blog – I recently I had an investor ask me about the benefits of a month to month oral lease vs. a month to month written lease.
(To Read Part One of This Blog , Click HERE)
We will now discuss the Pro’s of a WRITTEN month to month lease.
Pros of a WRITTEN month to month lease:
A month to month written lease could be a blessing, since it allows the landlord to have a short lease period. The tenant only gets to stay until such time as Landlord decides to terminate the lease. The law clearly states that a month to month tenancy can be terminated by either party giving at least 15 days’ notice prior to the end of the monthly rental period – unless the written lease provides for a longer period.
Another PRO is if a landlord is not sure that they want to have this tenant for a full year OR if they are not having any difficulties with the current tenant and would like to extend the lease but the landlord is not sure they want this existing tenant to stay for another full year, then a written month to month tenancy may work for you. However, if the landlord wants to go that route, then, before the existing lease expires, the landlord should notify the tenant that the landlord is non-renewing the lease and is offering a month-to-month tenancy at a new monthly rent. Then have the tenant sign a month to month written tenancy form.
Another PRO is if the landlord wants the existing tenant to renew the lease but the tenant does not want to commit to a year lease, then a written month to month may be a good, practical solution.
Your month to month written tenancy can be established by existing language in your original lease, so check the language in your lease. For example, your lease may contain the following or similar language: If landlord consents to tenant remaining in the premises after the expiration of this Lease, and no new Lease is signed, the tenancy shall be deemed to be extended as a month-to-month tenancy and during this month-to-month tenancy, all terms and conditions of this lease shall remain in full force and effect.
If your lease doesn’t contain appropriate language simply have the tenant sign a month to month written addendum to the existing lease.
We will discuss the cons of a WRITTEN month to month lease in a future blog.
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