Holdover Tenant and New Tenant Lease - Champaign, Illinois

[Mario Reyes]

Hello BP Family,

I just started managing my first investment property, and I cannot find the answer to how to handle holdover tenants and new tenant leases? If a tenant is supposed to leave by the end of the month and you have already found a new tenant and signed a lease, what do you do? Are we liable for all the damages caused by the new tenant's unable to move? Or is there something on the lease that prevents some liability? Please advise. Thank you so much for your collaboration!  

[Julie Hartman]

@Mario Reyes No one here has access to what is in your lease agreement, so we don't know what liability you may or may not have in this instance. However, you should have language in it regarding notice timing. Typically, holdover is simply another way of saying month to month. What is the month to month notice period in your lease? If you don't have language in your lease about that then follow state law with regard to month to month notices. And yes, if your new tenants cannot take possession due to another tenant not leaving, then you are in for a mess to untangle.