Having read a fair bit on leasing out property on a fixed-term lease, I am increasingly apprehensive about leasing out my property. It seems that unless both the landlord and the tenant agree to a termination at the 5-year mark (minimum to be considered long term lease), the lease is automatically extended for another 5.
As a result, the tenant can be a huge liability as the landlord can’t easily unilaterally terminate the contract even if it is for something as reasonable as the sale of the property.
I am simply doing preliminary discovery right now but this gives me pause. Has anyone on the forum had a nightmare experience relating to this? What are everyone’s thoughts on this?
P.S. I am not interested in short-term rental.