General Landlording & Rental Properties
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 7 years ago,
Tenant moving out not renewing lease
Hello everyone,
I have a Tenant that has decided not to renew the lease and asked for 60 days to move. Which im fine with. I've been managing my investment properties for about 10 years and this is the first time ive had someone decide to move out. Just a little background on this property. I bought the house a few years ago but stopped doing cosmetic rehab to the house due to the behavior of the tenant. I made some structural changes to the house to provide clean water and electricity and raised the rent to market value. I decided that further cosmetic work on the property with the current tenant would be a waste of money. Point being that im not too concerned about an inspection or keeping the security deposit unless there is major damage to the property. Once the tenant moves out ill be going in to redo the kitchen, bathrooms, painting etc.
I'm more concerned about drafting a proper move out letter that specifies move out date, and anything else that needs to be officially stated. Also there is specific language in the lease that gives instructions for the surrender of premises and security deposit, So not sure if i need to restate that or not.
Any thoughts on best procedures would be appreciated
TIA