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M1986

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Posts: 2
Reply with quote  #1 
We have a tenant who will be signing the lease for a term beginning in July but she isn't moving in until September. We agreed to lower the rent to $800 for the two months she isn't here, and then increase it back to the regular $1000 in September when she moves in. My issue is, how do I work it out with the Tenancy Agreement? Should I do two agreement forms? One for two months at $800 and then one for 10 months at $1000? But then what if she backs out at the end of the two month term?
AccidentalRental

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Posts: 41
Reply with quote  #2 
I would write up the lease as $1,000 per month and then write an addendum giving the tenant a credit of $200 for each of the first months subject to them completing the lease through June 2018.  In other words, if she breaks the lease before it ends, she has to pay back the credit.  

This keeps your nominal rent at $1,000 so you can increase off of that base later.

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LLinVA

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Posts: 186
Reply with quote  #3 
On our leases, we have a table with different terms. So we would specify $800 with beginning and ending dates, then $1,000 with beginning and ending dates (both titled 'Initial Term'), and then have it set to automatically renew with a 5% increase each year. This way we don't have to write a whole new lease every year if we don't need to change anything. 
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