As BA says if it's a fixed term agreement with no wording about converting to a periodic on the same terms then you either have to vacate at the end, or you have to negotiate something new which means they can set whatever rate they want.
I use this to my advantage sometimes, if I have doubts about a tenant I'll sign them to a 3 month fixed term agreement that ends and says that it only extends if agreed upon via an amendment or new agreement. So if they turn out to be bad tenants I have the option of not doing something else and they're out. I always expect some objection since it gives me the power but I haven't had one yet (and since I've started doing it I haven't really had the necessity to actually follow through).
__________________
Uncertainty is an uncomfortable position.
But certainty is an absurd one.
|