My lease states after the initial 12 months, the lease converts to a month-to-month lease from then on. It also states I reserve the right at any time during the month-to-month period to raise the rent amount; all other terms stay the same. My wording regarding the late fees was not written as good as it should have been for my first batch of tenants. I have since fixed that wording for my tenants who came later. For the original tenants, is there a way I can send some type of notice (kind of like when a credit card mails you a change of terms in your agreement) to those tenants stating a new late fee structure without making them sign a completely new lease?
Terminate the existing agreement per your state’s laws and then offer a new tenancy at the new terms. Paying the rent is acceptance of the new terms.
So this would entail a letter from me stating I’m giving 30 day notice (by state law) for lease termination and then also including a new lease to sign with the new terms and M2M status? Sounds easy enough. Just want to make sure I’m doing it the right way.
You’ll have to wait for any fixed-term leases to expire before you can change terms unless the tenant agrees. Thirty day notice is sufficient for any tenants on m2m agreements.
Got it. Thanks again. Have a good weekend.