Can a Landlord Change a Lease Agreement?
In Chicago, commercial and residential property landlords use leasing to set rules that reflect their needs. Once a lease has been established, can a landlord change a lease? Understanding when a landlord can change the lease is essential in avoiding costly legal issues. Here’s everything you need to know about lease-changing agreements.
Can a Landlord Change the Lease after it is signed?
As soon as a lease between a landlord and tenant is signed by both parties, it becomes a legally binding contract. Can landlords change rules mid-lease? Landlords will not be able to change the existing lease without contacting the tenant and getting their consent. If the lease needs to be altered, it can only happen if the original lease allows a party to change something independently.
For example, the lease contract may allow the landlord to alter their animal policy at any time. However, neither the landlord nor the tenant can unilaterally make changes to the lease regarding the leasing period, the rental payment, or any associated fees. Both parties will need to develop a lease amendment agreement and sign it before any changes become official.
Keep in mind that the lease is not the same as the rental agreement, which is often confused.
When Can A Landlord Change A Lease Agreement?
Is it always forbidden for a landlord to change a lease? When can a lease be changed without the risk of repercussions? Here’s what you should know about this critical topic.
Upon Lease Renewal
Landlords may choose to make alterations to the lease when it expires. In this case, landlords should always contact the tenant and notify them of any upcoming changes before they sign the new agreement.
Some tenants are using a month-to-month leasing agreement. If this is the case, the landlord needs to give the tenant enough notice, usually at least 30 days, to understand the new terms and decide if they want to move forward.
When A New Lease Contract Is Signed
Lease amendments can also occur when a new contract is signed. Incoming tenants will be given a new lease with updated terms before they move in, giving them the chance to look it over to ensure it fits their needs.
Anytime by Signing Lease Addendum
Lease addendums are amendments to the lease agreement. These addendums are signed by both the tenant and the landlord and added to the original lease contract to update or add new terms. It’s important to note that both sides in the deal must agree upon these new terms before they are put into action.
Tenants may opt for lease addendums as it gives them more negotiating power in instilling chances to the lease. They may be implemented on nearly any term that is covered in the original lease. In the case that both parties cannot agree about the new lease addendum, the changes will not be implemented.
33 Realty’s Property Management Services Can Help
At 33 Realty, we have been helping Chicago landlords navigate the real estate market since 2008. We have built a trustworthy reputation with residential and commercial property owners, and we’re happy to help with your property management needs. Get in touch with us or call us today at 773-692-6720 to learn more about how we can help!