Lease renewal. When to sign, when to cash check.

[Chintu Kalidindi]

Hello, I have a newbie question. My tenant's current 1 year lease ends June 30th. We both have mutually agreed to renew their lease with a 1 year upfront payment. When can I ask them to sign the new lease? When can I cash the check? We both trust each other. I am thinking signing and cashing at 30 days before the current lease expires is reasonable. TIA!

[Bill B.]

Make sure the renewal is signed and agreed to before your state’s minimum required notice. Here in Vegas it’s 45 days. I would send out the renewal now, with an expiration date on the offer. Spell out how much is due with the renewal and that the funds will be deposited upon receipt.