Wednesday, April 29, 2009


Hold-over Tenants

I was just watching Peoples Court and it turns out that if you are a hold-over tenant in Manhattan (only) you don't need to give your landlord any notice.

What is a hold-over tenant? If you have a year lease agreement and at the end of the year the tenant stay and keeps paying rent but no new agreement is signed then that is a hold over tenant. Now they are considered month-to-month tenants. In Chicago both parties would be required to give 30 days notice that they want to end the lease agreement. I don't recommend hold-over tenancy. I always prefer to have a written lease agreement even if it is only for a few months. Even for month-to-month tenancy I prefer a lease agreement. You should always have everything in writing. That way there will be no misunderstanding down the line. Courts usually favor the tenants over the landlord so you want to have a written agreement on your side.

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