can monthly leases be turned to yearly leases?

In Leasing Property - Asked by chima obioma m. - Aug 15, 2014
Report Abuse
Answer this Question

Answer(s)

Xiaoming s.
Owner/Investor
San Rafael, CA

yes, absolutely! it could be monthly or yearly.

Aug 15, 2014
Report Abuse
Chris R.
Broker/Agent
Denton, TX

Sure by an agreement between the landlord and tenant to modify the terms of the lease.

Aug 16, 2014
Report Abuse
Tracy H.
Lender/Mortgage Broker
Sacramento, CA

The easiest way to accomplish this is to simply add an Addendum to the Lease which retains all existing terms unchanged except for the changes specified in the Addendum. In this case the lease term.
I would however look into the lease rate, typically a month to month lease runs a little higher than a yearly lease. There could be some discount that goes along with the longer term which you can negotiate.
Feel free to call if you have other questions. My info is in my profile.
-Tracy

Aug 18, 2014
Report Abuse
Tyrone L.
Broker/Agent
Brooklyn, NY

Absolutely. All contracts are negotiable.

Aug 22, 2014
Report Abuse
Scott R.
Broker/Agent
Laguna Hills, CA

You would use an Amendment to change the terms a previously agreed upon contract. An Addendum is used to modify the terms of the contract at the time it is originally signed.
And, yes. Amendments are used regularly to extend lease terms.

Sep 16, 2014
Report Abuse

Welcome to Answers

LoopNet Answers is where the commercial real estate community shares what they know to help each other out. And it's all for free.

Ask a question to get advice from brokers, investors, professionals and local experts.

Answer questions to raise your visibility as a trusted advisor and build new relationships.

Ask a Question

Post Question