How do I renew a lease?
In order to renew a lease, first go to "Contacts" in the left side menu of your dashboard. The drop-down menu display will show the "Moved In" list of tenants. Find the necessary tenant and select "View Lease" from three dots menu on their tenant profile:
Press "More details" for the necessary property (in case there are leases for different properties) and select the "Renew Lease" option from the three dots menu for the specific lease. If you press the "Confirm" button, the system will automatically end the current lease on the end date and will create the new lease for the future. You will see the new scheduled lease renewal with all the information.
There are two scenarios: Send to sign agreement or Attach signed agreement. Select the desired option and click the "Get started" button:
If you select the Send to sign agreement scenario, you will need to build the lease agreements with a lease template and have tenants sign it online. By selecting the Attach signed agreement, you can upload the already signed agreements, and upload the files.
You can complete the move in process without selecting agreements and attaching documents.
If the lease type is “Fixed,” the system will end the lease on the original end date and stop the recurrent lease invoicing. The renewal date should be the day after the end date of the current lease. The current lease will remain active until the end date, and then a renewed lease will go into effect. If the lease type is month-to-month, the current lease will remain active until the renewal start date.
On the first step of renewing the lease, you can remove one of the tenants from the lease by clicking on the trash icon next to them or add a new tenant to the lease by pressing the "+ add co-tenant" button.
In the process of renewing the lease, the invoicing type cannot be changed and the system will automatically lock the lease type that was selected in the original lease.
On the second step, you can disable or enable the automatic recurring invoicing. If rent is enabled, you can increase or decrease the rent amount, change the schedule, and add a due date for the new lease.
Once you renew the lease for tenants that pay individually, you can adjust the amount of rent each tenant is responsible for. Moreover, such an option is also available for deposits and other lease transactions. In this case, each tenant will see only their invoice for the exact portion in their account.
You can divide rent and other invoices equally or assign different amounts.
You will also see the amount of deposit held and can add any additional invoices needed. The Other Lease Recurring Transactions section shows all the recurring invoices linked to this lease. You can add more transactions below.
If you want to stop the current recurring invoices and not include them in the renewed lease, it must be done from the main transactions page or the tenant's accounting page on their profile.
This might be helpful:
How to stop a recurring invoicing?
On the third step, you can adjust late fee settings and enable One-time, Daily or both types of rent late fees according to your needs. Additionally, there is an option to select the grace period for each lease.
Please note! If your tenants pay individually, then late fees will be calculated for each roommate individually in accordance with their portion of the rent:
On the last step "Agreement & Signature" you can easily add new templates, and remove or edit the existing ones. There is also an option to add or remove extra fields and auto-fill elements. To use these elements, please select the respective field and drag them onto your document.
If you have removed a tenant(s) from the lease and require to sign it, be sure to reassign all fields to needed tenants.
Make sure you’ve made all the necessary changes for the renewed lease, complete all the steps, and then press "update" or "send to sign" (if you require tenants to sign the renewed lease by using the "Signature,” "Initials,” "Date signed,” and "Textbox" fields) to schedule the renewal.
Watch the video guide to learn more:
Sep. 20, 2021