Resigning   

Current tenants will have until October 4th to resign their lease.

When resigning your house for another year:

• All current and new tenant(s) must sign the new lease
  

• Current tenant(s) deposit and cleaning fee transfers.
  

• New tenant(s) owe an amount equal to 1 month's rent @ signing.
  

• New tenant(s) owe remainder of their deposit & cleaning fee by 1-15-12.
  

Example:

House is licensed for 4

Rent = $2400

Damage Deposit = $3600 (= 1.5 x monthly rent)

Cleaning Fee = $500

Total = $4100

3 resign + 1 new

(**if there is no rent increase)

3 resigning must sign lease, but owe $0

$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 1-15-10)

**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

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 1-15-10)

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

Property Management

Copyright 2011. Hagan Realty Incorporated. All rights reserved