What happens if a tenant continues to pay rent after a lease agreement expires?
Here is something to think about if you are a landlord or tenant. And, even if you are not one today - no one knows what tomorrow brings. Thanks to Roger D. Mucci, he was the Operations Manager for a company that owned 26 apartment buildings in Ohio, for this informative information.
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What happens if a tenant continues to pay rent after a lease agreement expires?
Three things can happen when a lease ends. The tenant can move out, continue to pay rent on a month-to-month basis or sign a new lease.
If the landlord/owner accepts the rent, in most states, the lease agreement automatically renews for one year. If a new lease agreement has not been signed before the lease end date, the landlord/owner can only change the terms of the lease with a 30 day written notice to the tenant stating the new terms on a month-to-month lease agreement.
The tenant and landlord/owner can also agree to extend the tenancy and sign a new lease agreement, but there is the option to increase the rent. If the tenant agrees, the new lease agreement governs.
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