When do you sign the new lease?

[Brett M.]

My tenants 1 year lease is up July 31. They want to resign for another year.

What day are we supposed to meet up to sign the new 1 year contract?

I wasn't sure if I'm supposed to wait until August 1st to sign it or what typical protocol was

[Thomas S.]

The major plus side I have found in the M2M is that tenants are far more upfront regarding their plans. You will generally have months of notice when they need to leave as opposed to the minimum when a tenant is looking at breaking a lease. You should rarely have a vacancy with M2M where as when a tenant on term must move they will not thing twice about breaking a lease any time of the year and will give minimum amount of notice.

With a term lease landlords are obligated to find new tenants any way and very few will actually take a tenant to court that refuses to pay a lease breaking penalty so there really is no value in a lease. It may be different if landlords actually enforced their leases by very few actually do. Most have a defeatist attitude and simply let their tenants walk away scot free. 9 times in 10 a landlord will be on the losing end when a tenant leaves mid lease.

I have never believed a tenant needing to move will give any consideration to a lease.