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Old 03-22-2013, 05:59 PM
 
19 posts, read 20,154 times
Reputation: 10

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Hi all,

My partner and I are looking for a house to buy. Our lease with a Mark-Taylor apartment is ending June 15, so we have to tell them what we decide to do 60 days prior, that's April 15... My question is, does anyone have experience with month-to-month rental with Mark-Taylor? We don't know when we would find a home, and we don't want to rush, but if we sign another lease, it would be at least $1600 to get out of, plus 60 days notice, plus paying the last 60 days rent...

Looking forward to your thoughts!
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Old 03-22-2013, 09:27 PM
 
216 posts, read 603,417 times
Reputation: 184
It should be pretty straightforward to figure out your intended timeframe. If you plan on getting a place within the next three months, and your month-to-month rent would be less than going with a maximum lease length and paying the termination fee... then you do the former. If not, the latter.

Without knowing the difference between your month-to-month and contracted rate, it's going to be impossible to say which is better.
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Old 03-22-2013, 11:04 PM
 
Location: New Mexico and Arizona
267 posts, read 689,886 times
Reputation: 333
We once rented an apartment while home-shopping, and were able to pay a little more for a "home-buyer's break-out clause" which enabled us to terminate the lease on thirty days' notice. This was back in 1992 in Albuquerque. An apartment locator was able to find apartments that offered this option.
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Old 03-22-2013, 11:28 PM
 
16,235 posts, read 25,095,502 times
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I would definitely say that is a good plan. You'll close usually about 60 days....sometimes shorter. Plenty of time for notice to be given to your LL's.
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Old 03-23-2013, 12:03 AM
 
19 posts, read 20,154 times
Reputation: 10
Yes, we would close in 60 days assuming we find a house we like. Right now, inventory is low, especially in our price range, and if we go with a short sale/foreclosure, it can take months to close...
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