Rental Basics in Broomfield>Question Details

cheryl miche…, Real Estate Pro in Louisvile, CO

Important stipulations to have on rental lease. Should leases always be updated when expire?

Asked by cheryl micheli, Louisvile, CO Wed Apr 25, 2012

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Many of the clients with PML of Longmont find it important to have specifics set out. You may want to have a lawyer review the lease.

With rents headed higher and vacancy rates in the single digits, people are doubling up. This can present problems for owners if additional people are not in the lease. You may even run afoul of HOA covenants and restrictions.

Make sure you have a well-written lease. A lawyer is your best bet if you're not working with a property management company.

Best regards,
0 votes Thank Flag Link Tue May 22, 2012
I think it's important to update the lease for both the tenant and the Landlord. It protects them both if something were to happen. If it has been expired I am not sure if you would still be protected.
0 votes Thank Flag Link Wed Apr 25, 2012
I normally just renew the lease for another year. Use the exact same template - unless it has been updated.

It sounds like there is something you want to change but didn't mention? Let us know what that is for a more specific answer.
0 votes Thank Flag Link Wed Apr 25, 2012
I have not updated my leases in the past, but just let people go month to month when they expire. I only have two houses, and it hasn't been a problem.

But I've recently heard this suggestion, about updating the lease and I think it's a good idea. I'm going to implement it.

One reasonn I plan to change, is with the hot rental market, I am in the position of being more choosy about tenants. In the past, I would never think of asking a tenant to move on as long as they paid the rent, even if it was always late and I had to hunt them down to get it.

But now, I think I don't need that hassle. I can look for a better tenant and have my property rented within a week of the time it's ready to go. So having a policy of updating the lease opens the door to choosing not to continue with the current tenant(s).
0 votes Thank Flag Link Wed Apr 25, 2012
In what respect? The lease itself? The agreement between landlord & tenant? What exactly?
0 votes Thank Flag Link Wed Apr 25, 2012
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