is a renewal period part of the lease term

does the term, and thus the lease expire, or is it in full effect as long as I renew for additional years as allowed in the lease contract?

Asked by: Leonard Piotrowski 604 days ago - 3 Answers - 1315 views

3 Answers

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Each renewal creates a new lease, so each may have a different renewal policy – but usually there is one and can be something negotiable.

Answer by Rick 604 days ago
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Federal law under the Protection for Renters at Foreclosed Properties of 2009, says that a renter can stay in a property ” for the term of the lease” if certain requirements are met. Having met the requirements, I wondered if I can stay in the property by exercising my lease right to renew the tenancy.

Answer by Leonard Piotrowski 604 days ago
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  I ran into a similar situation last December. I believe you’re right – you have the legal right to stay until the lease is over, but the right to renew is a mutual agreement. And assuming the home is now owned by the bank, they would rather sell the place than collect rent. It’s possible the bank sells it as a rental property, and you could negotiate with the new owner then. And it’s also possible the bank will pay you to move out early (which is what happened to me – I was excited).
  
  I’m speaking from experience, not from precise knowledge – we took the money and ran – but I did some light research and am fairly certain I’m correct. It could also depend by state, as a lot of legal issues regarding real estate are regulated at that level. Hope this helps!
  
  Answer by Rick 604 days ago

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