If you do this you will need the co-signers to sign this as well. Otherwise this may not be enforceable.
You couldn’t hold the co-signers liable without their signatures. And since the co-signers are a party to the first lease, just haveing the tenants sign this may cause you problems if something goes wrong.
If they’ve paid on time and they’ve been good tenants then why are you concerned about the co-signers?
Either give them another lease on their own or require the co-signers sign again. By trying to skirt around this issue will only come back to haunt you later if something goes bad.
If you’re that concerned about all this then why not just let them stay without giving a new lease by letting them convert to a month to month. All the terms of the first lease would still apply on the month to month, with the exception that either you or the tenant could give 30 days notice at any time to vacate and terminate the lease.
I would rather just have them sign another lease, with or without the co-signers, or just let them go month to month without doing anything. I would be more concerned having just the tenants signing a rider to the first lease without having the co-signers sign as well since they are a party to the lease. And if I was having the co-signers sign the rider then you may as well just issue another lease. But that’s just me.
I have a tenant who has been excellent the first year. I would like to renew the lease. I am writing the tenant a letter saying what the next one or two-year terms’ rent would be. I would like to avoid a whole new lease form without reverting to a month-to-month tenancy. Can I just have them sign a one-page agreement to continue all of the terms of the lease dated (such and such date)? I could even have them sign it before a notary if necessary. Am I being stupid in my lazyness or is this alright to do? Is it common?
Thanks in advance for any help on this.
Jerry in Illinois
And email or fax works too! - Posted by John Merchant
Posted by John Merchant on April 21, 2005 at 11:32:15:
Lessor here might also do a lease renewal by email or fax.
The UETA (Uniform Electronic Transactions Act) which has been passed by most states now, states that a party to a contractual agreement can, by answering an email or fax, (by email or fax), OK a contract just as if he’d done it by persnal signature on paper.
UETA has been very popular as a way to reduce paperwork so most state legislatures have now enacted it in their laws.
I’ve used this law in a number of deals by “just confirming our deal” by email or fax, and asking the other guy to OK it by email or fax.
It’s a totally innocuous and non-threatening way to get an “agreement in writing” that’s totally enforceable in most courts nowadays.
I had a budding dispute in a situation where I’d taken an interest in a guy’s property in return for my doing some things with that property, legally, and, anticipating possible problems down the road, I sent the other party a flurry of emails over the course of a year, confirming our deal, and spelling out our respective rights under our agreement…to which he repeatedly agreed by email.
When I got a letter from his lawyer attempting to “clarify” that I had no rights in his property (and get rid of me), I just pointed out my stack of email confirmations and what that meant, legally.
I was soon paid cash for my legal interest in the property.
Re: LEASE-RENEWAL BY LETTER? - Posted by Killer Joe
Posted by Killer Joe on April 21, 2005 at 06:14:35:
Hi Jerry,
I’m no attorney, don’t even play one on newsgroups, (I stole this line from Barry) but I understand that when a residential tenent is in their second go-round on a lease, they actually have the ability to break it with as little as a 30 notice. You on the other hand as the landlord will have to abide by the terms. Just a heads up.
You can really do it either way. I have 19 units and all the leases are stored on the computer. I find it quick and easy to just changes the dates, raise the rent and send it to them about 60 days out. Most of the time they get it back to me with the following months rent check.
Why? Why would you like to avoid just having them sign another lease? If you want the same lease terms then just give them a new lease. The only changes would be the dates and rent amount if you are changing the rent.
You already have the lease. So why go through the trouble of writing up another page? Just have them sign another lease. That’s the easiest and best way to handle it. I don’t understand the logic behind writing up additional pages to attach to an existing lease for the purpose of renewing when just giving them another lease is easier.
Re: LEASE-RENEWAL BY LETTER? - Posted by Barry (FL)
Posted by Barry (FL) on April 20, 2005 at 19:07:31:
I’m no attorney, don’t even play one on newsgroups, but I see no reason why a simple addendum to the original contract wouldn’t be sufficient. Simply state the new terms and conditions both parties sign.
One of my reasons for wanting to add only one page is that when the first lease began, I had the two lessors get a co-signer. In extending the lease with all the details of the original, I mean to at least give the illusion, if not the substance that all of the heavy and onerous motions we went through still apply. I’d rather avoid making them scare up the co-signer again. They’ve paid by the first of the month every month. The text I would have at the end of the letter that tells them of the increase would be something like this:
In affixing our signatures, we, as RESIDENTS of 1234 Any Street, Chicago, Illinois, under the lease between us and LaSall Bank Trust #LBT-54321 dated July 29, 2004 and as signators of that lease, do hereby agree to extend and continue that lease in its every detail (except and unless provided otherwise in writing and signed by all the parties), for a period of ( ) months to expire July 31, 200 at a monthly rent of $(___________________________).
X___________________________________________________
Lessee/Tenant (signature) date
X___________________________________________________
Lessor/Landlord (signature) date
The above parties, by affixing their signatures in each other?s presence, do aver and confirm the identities of all the parties as those same parties to the original lease.