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Tax Escalation Clause?
started a topic
over 10 years ago
We have some prospective tenants that would like to sign a two year lease with us. Our rent just barely covers our costs of carrying out condo (about $50 extra), but we are not ready to sell the condo yet. We are definitely consider it because it gives us some time before finding new tenants. However, appraisals are going up in our area (metro-detroit) and I think taxes are likely to go up as well in the 24 months that they are renting. Does anyone know if it is legal in michigan to include a tax escalation or inflation clause in the lease agreement? If so, does anyone have an example they can send? Thank you!
over 10 years ago
Leases are not worth the paper they are written on! They only spell out the terms and may give you leverage in court. If you (as many others here) believe that a lease guarantees continuous rent for the term of the lease, read the many posting on this Forum. A one year lease is ok (my humble opinion). After that, let it default into a month-to-month. This allows you the flexibility to change the rent as needed. It also allows you to give a tenant a 30/60 Day Notice to move if they turn out to be a pain. Again, read the many postings here about problem tenants. -----Disclaimer: Since I’ve been answering a lot of questions, I thought I would make the following statement. I’m not affiliated with EZlandlord Forms. I’m just here (not sure how long) to help those that have questions. Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” However, it is up to you to become familiar with your State/Local laws. I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance
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