End of Tenancy and Breaking The Lease in Mosaic_at_merrifield

At the end of the lease term in Mosaic_at_merrifield, either party can opt to end the tenancy. The landlord could choose not to renew the lease or the renter could choose to not to renew the lease. If the rental owner wishes to end the lease, or conclude our rental management services, please send us written notice as described in your property management agreement.

When we don't receive such notice, we will strive to make choices that will keep your rental producing the highest possible net income. This means that we will routinely contact a tenant 6 to 8 weeks before the end of the lease term in order to renew the lease.

At that point we give the renter two choices:

1. Month-to-month --- This will include a large rent increase.
2. Renew the lease --- This will lock the rental up for another year with a small rent increase.

When renters break the lease

Sometimes circumstances arise which make a renter to end the lease before the lease term is over. When this occures, Nesbitt Realty tries to minimize the impact of this event on the rental investor. If a renter leaves with little or no notice, this will surely cause the renter to lose the deposit but this is never a windfall for the landlord. That money is consumed by paying for vacancy and the cost of acquiring a new tenant .

Readying the rental investment

We will have the carpet professional cleaned upon renter move-out and the actual cost of carpeting will be deducted from the tenant 's security deposit, per your lease.
We recommend that the property owner replace the carpet every 5 to 7 years. We recommend that the landlord paint every 5 to 7 years.

Utilities

During vacancies we will either put the utilities in our name or in the owner's name.