Lease Renewal Procedure Part 2

In the first case, if the landlord is choosing not to renew the lease, they need to inform the tenant and proceed with a notice to vacate at the conclusion of the lease.

In the event that the owner has decided to continue to move forward with a lease renewal, the first step then is to reach out to the tenant with the proposed new rental agreement and provide for them a window to review the new agreement or make arrangements to vacate.

It is recommended that the landlord should contact the tenant 90 days before lease expiration. This provides both landlord and tenant an acceptable amount of time to determine what both parties believe is in their best interests.

Provide the tenant a specific time frame within which they need to get back to the landlord with an answer.

Once the answer is given from the tenant, the landlord then can proceed to either provide for them a completed lease with changes or begin to prepare to re-list the apartment or property for rent.

So these are the three outcomes:
1. Provide the tenant a lease renewal form.
2. Prepare for the tenant vacate and relist the property.
3. Send current tenant a notice to vacate.

Should the landlord and tenant agree upon a month-to-month arrangement many property managers encourage increasing the rent slightly.

Another factor that should be considered upon agreed are the times between the landlord and tenant to allow the showing the apartment or the property prior to the tenant moving out. Such an agreement is important to maintain good relations between the current tenant and the future tenant. It will also minimize the amount of time that the apartment or property is vacant.

Disclaimer: The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only.  Information on this website may not constitute the most up-to-date legal or other information. Readers of this website should contact their attorney to obtain advice with respect to any particular legal matter.

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

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