Property Management
In Montana, a residential lease renewal that does not specify new terms is typically treated as:
AA new fixed-term lease for the same period as the original
BA month-to-month tenancy under the same terms as the original lease✓ Correct
CA void agreement requiring both parties to re-negotiate from scratch
DA permanent tenancy that neither party can terminate
Explanation
When a fixed-term lease expires and the tenant remains in possession with the landlord's acceptance of rent, the tenancy typically converts to a month-to-month tenancy under the same terms as the original lease (other than the specified term).
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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