Let's Get Started, Grab Your Current Lease!
I know, it is long and complicated. Your lease contains all kinds of legal mumbo-jumbo. Don't worry too much about all of that right now.
We want to look for several items in your lease. Many leases have a table of contents, so you may look at that to get started.
The items we want to find are the following:
Lease Expiration Date
This is the date that your current lease term ends.
Whether or not you have options to renew your lease
A lease option is typically your right to extend the lease you have with your current landlord on the same terms and conditions. There may be language that modifies this lease option in your lease, but the idea is that you have a right to continue leasing your current space for a longer period of time.
When you must provide notice that you plan to exercise your option
Notice requirements are very important. If you fail to provide notice in a timely manner, you may lose your option to extend your lease. If you are in a situation where your lease rate is lower than the market, your landlord may prefer putting your space on the market at a higher rate. They could also use the strong market conditions to justify raising your rent even if you do stay in place. So make a note in your calendar for any notice dates.
Current Rent
You probably know this because you pay it each month. We are going to use this lease rate later in this course to see if we can save you lots of money!
Note: The next lesson in this course is the most important lesson in this whole class. Even if you skip everything else, please do not skip the next lesson. It is that important.