Holdover period is once your lease has expired, and the owner does not wish to renew a full year lease, or is busy as you say, then you continue on with your lease as a month to month lease. Read your lease, and I as a property manager put in $100 more per month automatically in the event the owners property taxes have gone up or HOA fees have gone up. It may say you need to pay more per month. I usually see what the rental market is for the area and either keep it at the same rate as the previous year per month or raise it to meet the current market rate for the area.
The leases I use have a blank to put in a dollar amount.
With the volume of foreclosures, I would check the public trustee's office in your county and make sure the home is not in foreclosure. It is one reason why he may be doing a month to month with you and does not want you to know the home is in foreclosure. If it is, myself, I would be looking for a new home to rent or see if you qualify to purchase a home with the low interest rates right now.
Once you have lived in a home over a year, he must give you a 3 month notice to vacate once a year has passed. If he has not given you or you give the landlord notice, you have 3 more months in the home at the same rate if it did not call in your last lease for a dollar amount different from what you have been paying in the past.
Either way always before signing a lease check with the public trustee's office to make sure you are not handing over first, last and damage to someone who may just disappear with your money and the sheriff show up a month later with an eviction notice. This happened a lot a year ago to many tenants just moving into homes where the owner took their money got them to sign a year lease, said they'd go to their home and make copies of the lease and leave you without any proof of payment, and boom, disappear on the tenants after they moved in that same day. Be careful.
Try to use a good property managing company to lease any home or apartment, they usually check
things to protect themselves and a tenant.
Mary Weaver Realty
P.O. Box 3015
Glenwood Springs, CO. 81602