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I am relocating to a differant state for work and will have to terminate my lease agreement early. I have a 1yr lease that commenced on Feb 1st of this year. I have only been in the home now about 6mo. I do not see in the lease I signed an early termination clause. Below you will find the lease agreement template that my lanlord used. Can you find what would be fees for an early lease termination? Obviously they have my deposit but from what you can see on my lease would I be liable for any other charges or fees? [URL]http://www.biggerpockets.com/forms/Lease.pdf[/URL]
I have left several messages in the last 2 days for my landlord and I have not gotten a callback to find out what fee's I may be liable for.
Thanks!
You're liable for all the rent until the end of your lease, although the owner or management company is required to make a reasonable effort to replace you, and they can charge you for those associated costs whether or not it's discussed in your lease. It seems you can find someone to sublet your place (technically, you'd be "assigning" your lease, since you're not coming back to live there), but they need to be approved of by management. All that aside, you should be able to recover your deposit (less fees) as you would upon a typical vacation. There's no early termination penalty per se.
So, for example, if you find someone who seems to meet all the criteria to occupy the place, but the property management company refuses to so much as glance at that person's application, then they're not making a reasonable effort to replace you, and you might have grounds to break your contract with them (i.e., to stop paying rent). If, on the other had, they reject someone's application because of a low credit score, then you are still liable for the rent until a suitable replacement is found.
If this is the case and I HAVE to find someone to occupy the house. Would it be acceptable to advertise the house for rent on craigslist etc. without the consent of the landlord/owner? Please keep in mind I have been trying to contact thm for 2 days now and havet gotten a return phone call. It makes me wonder what would happen if I needed to contact them for an emergency! ;(
I did the same thing. I moved in Feb to a single family home and took a job in South Carolina in July. I gave my landlord plenty of notice. I negotiated with my new company for a few months, but told him as soon as I knew I would accept the offer. I agreed to pay the rent until he found someone and stood by my word. I knew it was a great house in a great area and he would have no trouble filling it. He kept my deposit and I also paid to have the house relisted with the agency he had already used. Good Luck...(and 2 days is not much time..)
If this is the case and I HAVE to find someone to occupy the house. Would it be acceptable to advertise the house for rent on craigslist etc. without the consent of the landlord/owner? Please keep in mind I have been trying to contact thm for 2 days now and havet gotten a return phone call. It makes me wonder what would happen if I needed to contact them for an emergency! ;(
I don't see any problem with you advertising the place, since you'd still need their approval to re-let it anyway. I can't imagine they'd have a problem with that, but then again I'm just some person on the internet.
You definitely want to contact them in writing so there's a record of all communications on this matter. Let them know exactly when you're moving out and why, that you will continue to pay rent until a suitable replacement is found, and that you will assist them in finding a suitable replacement. Send it certified and keep a copy for yourself.
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