End of Tenancy and Breaking The Lease in Fairway Manor Estates

At the end of the lease in Fairway Manor Estates, either party can opt to end the tenancy. The rental investor could choose not to renew the lease or the renter could choose to not to renew the lease. If the landlord wishes to end the lease, or conclude our rental management services, please send us written notice as described in your rental management agreement.

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

At that point we give the tenant two choices:

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

When tenants break the lease

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

Readying the 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 landlord replace the carpet every 5 to 7 years. We recommend that the rental investor paint every 5 to 7 years.

Utilities

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