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Hey all, my tenant wants to extend our lease for another year. Initially, I had a realtor find and produce the original contract. What is customary for a contract renewal?? Should a get a realtor again or could I just get a form from say Office Depot or something?
My landlord used a form TAR-2005. Looks like it came from ziplogic.com. It says Extension of Residental Lease on the top.
@dotti573: Firstly I'm a licensed real estate agent. It's unfortunately illegal for a non-Realtor to use a TAR-form -- though these forms should be promulgated by the state, the conservatives have for some awkward reason delegated to TAR the power to create the de facto forms. Probably, a result of the powerful Realtor lobby. Anyway, as the owner you're welcome to write down whatever sort of lease or month-to-month agreement you'd like. If your tenant is already seasoned then you may not even be concerned all that much with them defaulting on their contract -- you may not require the contractual protections of the TAR forms. If you're interested, I'd be happy to render this service for $75.00 + my brokerage fees for the transaction -- which unfortunately I can't get for you until tomorrow (I think he's still going to have to pay E&O on the lease extension).
One thing you need to be careful of is that the TAR revised the Residential Lease for on June 1, 2010. If you're extending a lease signed prior to June 1, 2010 you'll want the addendum too.
Feel free to give me a call tomorrow 281.901.0011.
I also have a copy of the lease used to renew. It is the same language of the TAR lease without all of their extras on it. I would be more than happy to provide it for FREE. I obtained it on- line and also in a landlords book from Branes and Noble.