option to renew in year lease

[zliminator]

What is the name of your state? Florida
My renters are moving in and I'm all ready to make the lease up (copied out of a book) and he says he wants an option to renew at the end of the lease. Does this commonly mean that if he wants to renew, I must renew it to him and I can't terminate the lease, i.e. lease to someone else, sell the house, etc. And does it also preclude raising the rent at all? I guess it depends on what we agree on and what we put in the lease to answer my own question.

Thanks

 

[krispenstpeter]

You answered your own questions.

Except for the part about selling the property. If you do sell it with an active lease, then the lease goes with the property or you can include a 'buy-out' provision in the lease stipulating that if the property is sold you can terminate the lease according to Florida L/T laws upon the offer of a 'penalty'.

 

[JETX]

"My renters are moving in and I'm all ready to make the lease up (copied out of a book) and he says he wants an option to renew at the end of the lease."
*** I would simply tell him that the 'option' is inherent in the existing lease. If he wants to sign a new lease and you want to allow him, then he can. I doubt that I would provide a 'special clause' to allow it as there could be considerable repercussions to same.

 

[HomeGuru]

I would include a special clause making it clear that the option to renew is for a set period only and expires after that period (no additional options or extensions) and set the rent amount or make the rental amount during the additional tenancy period as determined by landlord 60 days before expiration of the option to renew.