Author Topic: How much notice?  (Read 575 times)

primozaj

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How much notice?
« on: September 06, 2018, 09:20:38 PM »
I have a rental property that I have been doing long term leases with the same tenant.  The first lease began in Oct 2014 for three years and I offered slightly lower rent for the long term lease.  In early 2017 we began to talk about a purchase or a lease but due to work (and likely credit) she was not able to buy so she opted for a 2 year lease.  During the three year lease she was a model tenant with very few complaints and always early rent payments.  After the 2nd lease began (price only went up $20/month), so did the excuses and late payments.  She works at the same large AF base as I do and I know her rank so I know this new job pays more so all things being the same she shouldn't have any problems with the rent.  Obviously, things are not the same for her but while many of her payments are arriving late, they are arriving with late fees so that's not all bad.

Anyway, to my question... her lease is up in at the end of Sep 2019, so from a legal point of view how much time do I have to give her when I say that I am not renewing the her lease again because I want to sell the house?  6 months? 90 days? 30 days?  I want to be done with the property since my "easy money" has become "hounding for money."  Any help would be great.

lhamo

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Re: How much notice?
« Reply #1 on: September 06, 2018, 09:53:20 PM »
What does your current lease with her say about the notice period?  You need to give her that or longer. 

If your local laws and/or the terms of the lease specify you can sell the house with her as a legal tenant, then you can always let her know you are planning to put it on the market.  The new buyer would inherit the terms of the lease.  It is hard to show a property with a tenant (especially a marginal one) in it, though.  So you might want to tell her you are planning to sell it and give HER the option of terminating early with no penalty

primozaj

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Re: How much notice?
« Reply #2 on: September 07, 2018, 06:33:59 AM »
My lease says 30 days but it focused more around after going month-to-month after the lease is up.  So I guess the law would say 30 days, but what have people found works best?  My issue will be that the home will be vacant after the school year has started so it could be hard to sell in Ohio in the fall.

patchyfacialhair

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Re: How much notice?
« Reply #3 on: September 07, 2018, 08:44:55 AM »
Would it work to offer her a shorter term renewal? Say a 8 month renewal ending in May of next year? That way once she moves out, you have a few weeks to do any necessary improvements and repairs before listing it in the prime summer season?