My tenants are leaving and they have found another replacement tenants for me, do I need to re-do a new tenancy agreement?
You can do a Novation Agreement instead
Picture this ; Your tenant went back overseas to visit their family and friends, but they are unable to return due to Covid-19 lock down.
Or your tenant has been let go by their company and have to return back to their country but there is still a ongoing tenancy contract.
So instead, they recommend their colleagues or friends to take over their remaining lease.
Do you need to re-do a tenancy agreement again?
No need, You can do a novation agreement instead.
A novation agreement transfers the contractual obligations of one party to a third party or replaces a contractual obligation with another one. All parties involved in this type of contract must consent to the changes.
Your contract may expressly exclude or limit the right to novate. You should therefore check whether it contains any clauses providing for conditions on novation before proceeding.
You can download a sample of the novation agreement here.