Regarding right to renew
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Regarding right to renew
I have a tenant who wants the following in the lease
‘Tenant to have first right to lease renewal for 3rd year’
I am okay with leasing the property to this tenant for the 3rd year if I plan to lease at all. However what happens if I decide to sell the property or move in myself at that time?
Asked on May 11, 2016 under Real Estate Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
A lease is a contract: whatever you agree to is what you have to do. If you give the tenant an unrestricted right to renew, he or she can exercise that right even if inconvenient for you: i.e. he can renew even if you plan to sell or move in yourself. If you don't want that to be the case, put some limitations on that right: e.g. "However, notwithstanding anything to the contrary, the landlord may decline to renew the lease if the landlord markets the property for sale, or if the landlord plans to personally occupy the leased premises."
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