How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lucy, Esq. Your Own Question
Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 28090
Experience:  JA Mentor
26798026
Type Your Real Estate Law Question Here...
Lucy, Esq. is online now
A new question is answered every 9 seconds

WE HAVE A RENTAL HOUSE WE WANT TO MOVE INTO, THE LEASE IN

Customer Question

WE HAVE A RENTAL HOUSE WE WANT TO MOVE INTO, THE LEASE IN ENDING ON MAY 31ST OF 2016, THERE IS A STATEMENT IN THE LEASE THE REALTOR ADDED, TENANT WILL HAVE OPTION TO RENEW AT THE SAME RENTAL RATE FOR ANOTHER YEAR IF TENANT PAYS ON TIME. THEY PAID THERE RENT ON TIME & THEY WANT TO STAY FOR ANOTHER YEAR. CAN THEY USE THAT OPTION TO STAY ANOTHER YEAR & WE CAN'T DO ANYTHING ABOUT IT.
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  Lucy, Esq. replied 9 months ago.

Hi,

I'm Lucy, and I'd be happy to answer your questions today. I'm sorry to hear about your situation.

Unfortunately, yes, that clause is binding on you. An option to renew means that it's up to them whether they'd like to stay for an additional year. Because you signed that lease, you're bound by the option clause.

You could try offering the tenant an incentive to terminate the lease and move out - basically meaning that you could tell them you want to move out and see if they will accept a cash payment to waive the option and move out. How much to give would depend entirely on what amount you could agree was fair. That is one option available. If they decline, you unfortunately are obligated to continue renting the property to them for another year at the same price. You will not have to allow them to renew AGAIN at the end of the next year.

It's important that you are 100% satisfied with my courtesy and professionalism. Thank you.