When it comes to lease renewals, there is a process and an objective that needs to be considered with each lease.
The purpose of all processes is to mitigate uncertainty and problems that may arise due to lack of planning. With lease renewals, there are decisions that need to be made by the property owner and the tenant which involve planning and the actions that will accompany those decisions.
Some of the concerns with a lease renewal are delays, miscommunication, and even unnecessary costs.
The key to keep any kind of disruption manage the foreseeable through a tested and proven planning process.
It is important to stay in front of the process so that there is a consistent flow of communication between the landlord and tenant in order to ensure that decisions being made are in-line with the present lease and if there needs to be a change, for the future tenants.
■ Is the property owner happy to offer the current tenant a renewal?
■ Is the rent price going to be increased or remain the same?
■ Is there a possibility that the tenant will want to go on a month-to-month basis?
After these questions have been dealt with and answered, the landlord needs to reach out to the tenant for the purposes of initiating a discussion.
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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