Hagan Realty - Re-signing

Re-signing

Current tenants must re-sign their lease by: October 1, 2024 @ 5pm

You must complete the lease signing process prior to this date; otherwise your property may be rented on our 1st day of leasing.

Call/email for details. Please do not just show up at our office. Leasing will be done electronically.

If you plan to re-sign, please send us an email that includes Name, Phone Number & Email Address for each group member. This info will be used to complete the electronic lease so double check the accuracy before sending.

When resigning your property for another year:

All current & new tenant(s) must sign the new lease.

Current tenant(s) deposit & cleaning fee transfers.

Current tenant(s) will be responsible for paying any increase in the deposit amount at signing. Because the deposit is based on the monthly rental amount, if rent goes up, there is a slight increase in the deposit amount. Current tenants owe the difference between their current deposit & the new amount (current deposit 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 1-15-25.

Example:

Property is licensed for 4

Rent = $2800

Damage Deposit = $4,200 (= 1.5 x monthly rent)

Cleaning Fee = $500

Total = $4,700

3 re-sign + 1 new

(**if there is no rent increase)

3 re-signing must sign lease (and owe any increase in the deposit)

$4,700 (total deposit) / 4 = $1,175

$1,175 x 3 = $3,525 (this amount transfers)

$4,700 - $3,525 = $1,175

1 new must sign & owes $1,175;

$700 (= to 1 mths rent) Due @ signing

$475 (= additional 1/2 mth rent + their portion of the cleaning fee by January 15th)

**If there is a rent increase to $2,880**

Example:

"New" Damage Deposit = $4,320 (= 1.5 x "new" monthly rent)

Cleaning Fee = $500 (remains the same)

"New" Total = $4,820

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) $4,820 - $4,700

$120/ 4 total tenants = $30

Each current tenant owes $30 (due @ signing)

1 new must sign & owes $1,205;

$720 (= to 1 mths rent) Due @ signing

$485 (= additional 1/2 mth rent + their portion of the cleaning fee by January 15th)

$1,205 x 4 = $4,820 (total deposit & cleaning fee)

927 E. Grand River Ave. Suite 11

East Lansing, Michigan 48823

Email: info@hrirentals.com

Ph. (517)351-0765

Fax (517)351-6376

Specializing in Property Management & Development since 1969