If your property lease is about to expire, your property manager should already be in touch with you to discuss your options. However, if a fixed-term lease expires during the emergency period and no new fixed-term leases have been entered into, the current lease continues at regular intervals. This means that all terms of the lease will continue to apply until you or the tenant announces the termination of the lease or a new fixed-term lease for the property. The laws of the landlord and tenant differ from country to country, but in many countries the lessor is required to honour all the terms of the expired tenancy agreement in a tenancy agreement that is not the duration of the lease. This is why previous agreements, such as rental procedures, access to real estate and rents, remain in effect. In many countries, a landlord must send you a notice in a rental situation before rent increases; This period is generally the same as state laws relating to the prior declaration of termination of a tenancy agreement. Technically, the tenant can stay as long as you let him. This is called «Holdover rental,» which can cause a lot of inconvenience for you and your rental business. Write down any agreement between you and your client.
The agreement must also be signed and dated by both parties. While some oral agreements may be binding, the agreed terms are much more difficult to prove. A month-to-month lease could be useful for an owner if they want to sell their apartment, but it is very difficult to show a property as it wishes if someone else lives there. I`ve heard horror stories about chaotic tenants discouraging potential buyers in this scenario. Too often, I see landlords ending their leases without forcing their tenants to sign a new one. A month-to-month lease really only favors the tenant, since it gives them an exit. Don`t worry about discouraging existing tenants with a one-year rent extension, because if they`re not ready to sign it, they`d probably be gone next year anyway.