End of Tenancy and Breaking The Lease in Baileys Crossroads

At the end of the lease term in Baileys Crossroads, either party can opt to end the tenancy. The property owner could choose not to renew the lease or the renter could choose to not to renew the lease. If the property owner wishes to end the lease, or end our management services, please send us written notice as described in your management agreement.

If we don't receive such notice, we will strive to make choices that will keep your rental investment producing the highest possible net income. This means that we will typically create a new lease for a tenant 6 to 8 weeks before the end of the lease in order to renew the lease.

At that point we give the renter two choices:

1. Month-to-month --- This will include a large rent increase.
2. Renew the lease --- This will lock the property up for another year with a small rent increase.

When renters break the lease

Sometimes circumstances arise that require a tenant to end the lease before the lease term is over. If this occures, Nesbitt Realty tries to minimize the impact of this event on the rental owner. If a tenant leaves with little or no notice, this will surely cause the tenant to lose the deposit but this is never a windfall for the rental investor. That money is consumed by paying for vacancy and the cost of acquiring a new renter .

Readying the rental property

We will have the carpet professional cleaned upon renter move-out and the actual cost of carpeting will be deducted from the renter 's security deposit, per your lease.
We recommend that the owner replace the carpet every 5 to 7 years. We recommend that the rental owner paint every 5 to 7 years.

Utilities

During vacancies we will either put the utilities in our name or in the landlord's name.