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New Lease

Hi! I'm hoping someone can help me with an issue. I had a property management company in charge of my property recently.  A few months before the lease was up I told the company to make sure that my tenants paid a pet deposit and security deposit before renewing a new lease. Yes, I screwed up and never collected these deposits the first time around, but I was trying to save my house from foreclosure and needed someone in it ASAP.  Well, the company did not collect any deposits and had the tenants sign a renewal! So, I fired the company and now am managing the property again. My question is; is the lease renewal null and void that they signed with the management company? And can I have a new lease made up?

You're very welcome, Kristen. Keep us posted on what happens so others may benefit from your experience.
than you!
First, congratulations on saving your home. You should be proud of yourself. Next, I (my opinion) don’t like management companies. My experience is that they seem to eat your positive cash flow keeping their hired help busy fixing things that really don’t need to be done or should be the tenants responsibility. That’s not to say that all are bad, but I’m not willing to find out which ones are. Screwing up is part of the learning curve. If you don’t screw up, you have nothing to learn. How boring is that. As long as you learn from your mistakes, that’s a good thing. To your question – you’re probably stuck with the agreement until it expires. Have a talk with the tenant and let them know why you got rid of the agency and ask them if they are willing to redo the contract with the new terms. Let them know that you’re willing to take additional monthly payments until you receive the amount you’re requesting. An addendum to the current lease agreement would work. Just make sure the lease is mentioned in the addendum along with the new terms and have all tenants sign and date. Include that the addendum terminates with the lease. Good Luck!
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