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Updated 8 months ago on . Most recent reply

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Damini Dutta
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Moved the property from one LLC to another LLC - what to do with current lease?

Damini Dutta
Posted

I had an IN property tied to KY LLC, So the renter did all of the lease and paper work with KY LLC. Recently I moved the said property from KY LLC to IN LLC and I still have 3 months left on the current lease. I am thinking instead of making the tenant sign all of the paper with new LLC for next three months, I should make her sign an addendum that states - She acknowledges that original lease was signed with KY LLC ( of course we will insert the real LLC name) and now the property is under new LLC.. so nothing changes, all contracts , obligation stays the same as with the old LLC.

Two questions:

1. Am I thinking about it right way? or making it too complicated.  or just wait till the lease ends. I probably will not renew with this person.

2. If I am thinking about right, do we have any expert who can give some guidance/ sample on language to be used?

Thank you so much,

Damini

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