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Updated over 2 years ago on . Most recent reply

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Kai G.
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Handling of deposit when renewing lease

Kai G.
Posted

Hello,

this should be an easy question: I'm renewing the lease for a tenant and I'm using the Zillow platform. The new lease basically is a copy of the old one, but I do not know how to document the deposit "carry over" from the old to the new lease. The Zillow system has no provision for that. I want to make sure that it is well documented that I am carrying over the deposit. Is there an addendum I should do? Thanks in advance!

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Bill B.#1 Real Estate Deal Analysis & Advice Contributor
  • Investor
  • Las Vegas, NV
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Bill B.#1 Real Estate Deal Analysis & Advice Contributor
  • Investor
  • Las Vegas, NV
Replied

Don’t use a whole new lease. Use an addendum. 

It is Agreed this date x/x/xx that the existing lease for the property at address x is amended in the following ways. New rent is x, new expiration date is x, new rules, fees, etc are x. Done. Should be one paragraph max. 

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