Ending Our Tenant’s Lease Agreement

When we purchased our duplex back in June, the plan had always been to live in one side while renting the other side out.  At the time we became official owners of the property though, both sides were fully rented and in the middle of their initial one-year terms.  Not a problem — the lease agreements between the tenants and the previous owners were signed over to us at the time we purchased the property.  And we’ve been collecting rent every month in the meantime now.  But it did mean we needed to wait until one of the existing leases came to an end.

We knew this going into the deal and planned accordingly.  It’s why we ended up finding a short-term apartment of our own to rent while we waited.  Well the time has come for one of our units.  November 1st will be the first possible date we could move in — and we intend to make sure it’ll be empty and ready for us.

The lease terms dictate that we must give at least 30 full days notice of our intent to terminate the lease agreement.  So as to give our tenants ample advance notice and enable them to find alternative housing, I sent the official letter this week.  I also gave them a phone call as a courtesy.  This gives them just a little more than 45 days to make the move.  It seems fair and I did not get the sense there would be any problems after talking on the phone.

So this is exciting!  In about 45 days we will have a unit of our duplex empty and (eventually) it’ll be ready for us to move-in.  We’re talking about making some changes — new paint, new carpet, replace some old blinds, etc.  Our short-term apartment is good through the end of November, so we have the entire month of November to do what we want to do.  It’s going to be a busy couple of months.

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