Copyright 2018. Hagan Realty Incorporated. All rights reserved


Re-signing    


Current tenants must re-sign their lease by 5pm:  Tuesday, October 2, 2018
You must complete the lease signing process prior to this date; otherwise your property may be rented on our 1st day of leasing.

You must make an appointment to re-sign.  Please do not just show up at our office.



When resigning your property for another year:

  • All current and new tenant(s) must sign the new lease.
  • Current tenant(s) deposit and cleaning fee transfers.
  • Current tenant(s) will be responsible for paying any increase in the deposit amount at signing. Because the deposit is based on the monthly rental amount, if the rent goes up there is a slight increase in the deposit amount.  Current tenants owe the difference between their current deposit that transfers and the new amount.
  • New tenant(s) owe an amount equal to 1 month's rent @ signing.
  • New tenant(s) owe remainder of their deposit & cleaning fee by 1-15-19.


Example:
Property is licensed for 4
Rent = $2400
Damage Deposit = $3600 (= 1.5 x monthly rent)
Cleaning Fee = $500
Total = $4100

3 re-sign + 1 new

(**if there is no rent increase)

3 re-signing must sign lease (and owe any increase in the deposit)
$4100 (total deposit) / 4 = $1025
$1025 x 3 = $3075 (this amount transfers)
$4100 - $3075 = $1025

1 new must sign & owes $1025;
$600 (= to 1 mths rent) Due @ signing
$425 (= additional 1/2 mth rent + their portion of the cleaning fee by 1-15-19)



**If there is a rent increase to $2480**

Example:
"New" Damage Deposit = $3720 (= 1.5 x "new" monthly rent)
Cleaning Fee = $500 (remains the same)
"New" Total = $4220

Current tenant(s) must pay the difference between the old deposit and the new one.
New tenant(s) owe their portion of the "new" total deposit & cleaning fee.


$120 increase in total (= new deposit - old deposit) $4220 - $4100
$120/ 4 total tenants = $30
Each current tenant owes $30 (due @ signing)

1 new must sign & owes $1055;
$620 (= to 1 mths rent) Due @ signing
$435 (= additional 1/2 mth rent + their portion of the cleaning fee by 1-15-19)

$1055 x 4 = $4220 (total deposit & cleaning fee)




927 E. Grand River Ave. Suite 11
East Lansing, Michigan 48823
Email:  info@hrirentals.com
Ph. (517)351-0765
Fax (517)351-6376

Specializing in Property Management & Development since 1969