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In about a month I need to relocate due to my circumstances and I have few months left on the lease. To break the lease, I am required to give 60 days notice plus buyout 2 months of rent which will cost me a lot of money. So I'd like to sublet or find a replacement resident who's willing to take over the lease, which I've found already.
I asked LL about subletting the unit (it's an large complex owned by large company), I was advised subletting isn't allowed even if I find replacement resident. In the lease, it specifically states I can sublet with LL's consent in writing. I have been a very good tenant. Always paid rent and utilities on time and even referred friends to move into an complex in the last 3 years with the complex. Is there anything I can do or once LL rejects my request it is what it is?
Can you post the exact wording about the 60 day notice and the lease break fee?
Why can't you just break the lease and let the landlord find a new renter. With this option you stop owing money as soon as the new renter moves in and you don't have to pay a lease-break fee. And you dont have to worry about any days notice because you owe rent until the get a new renter. You pay rent on the normal due date each month until they get a renter. (recruite neighbors to tell you if/when someone moved in).
Double check NJ law to confirm that landlord has to mitigate damages when you move early. (I googled, it looks like NJ requires it). This means landlord has to attempt to find a new renter and cannot just sit back and collect your rent and leave the place vacant without looking to rerent it.
Can you post the exact wording about the 60 day notice and the lease break fee?
Why can't you just break the lease and let the landlord find a new renter. With this option you stop owing money as soon as the new renter moves in and you don't have to pay a lease-break fee. And you dont have to worry about any days notice because you owe rent until the get a new renter. You pay rent on the normal due date each month until they get a renter. (recruite neighbors to tell you if/when someone moved in).
Double check NJ law to confirm that landlord has to mitigate damages when you move early. (I googled, it looks like NJ requires it). This means landlord has to attempt to find a new renter and cannot just sit back and collect your rent and leave the place vacant without looking to rerent it.
The wording goes like this.
The purpose of this Buy-Out Agreement is to give you the right to buy out of your Lease Contract early--subject to any special provisions in paragraph 9 below. In order to buy out early, your notice must be signed by all residents listed in paragraph 1 of the Lease Contract and you must comply with all provisions of this Buy-Out Agreement.
Buy-Out Procedures. You may buy out of the Lease Contract prior to the end of the lease term and cut off all liability for paying rent for the remainder of the lease term if all of the following occur:
(a) you give us written notice of buy-out at least 60 days prior to the new termination date (i.e., your new move-out date), which must be the last day of a month or may be during a month;
(b) you specify the new termination date in the notice, i.e., the date by which you'll move out;
(c) you are not in default under the Lease Contract on the date you give us the notice of buy-out;
(d) you are not in default under the Lease Contract on the new termination date (move-out date);
(e) you move out on or before the new termination date and do not hold over;
(f) you pay us a buy-out fee (consideration) of two month's rent
(g)you pay us the amount of any concessions you received when signing the Lease Contract; and
(h) you comply with any special provisions in paragraph 9 below.
After you give us notice of buy-out, the Lease Contract gives us the right to begin showing your unit to prospective residents and telling them it will be available immediately after your new termination date
Last edited by njxjjangu83; 08-10-2015 at 11:05 AM..
Reason: incorrect info
OP changed what was in post #3 making this post invalid for this case, I am leaving this here though because it is still relevant to the overall topic.
There is nothing about early termination? That clearly says one month, different than 30 days, minimum not 60 days. One month would be if you wanted out at the end of September you would give notice before September rent was due, or with it if paid on time/early. It does however allow you to specify, lets say October 8th for the example, as long as the one month minimum is met. You would not be able to get out of the lease for the end of August though because we are already in the month of August.
Last edited by AZ Manager; 08-10-2015 at 11:21 AM..
There is nothing about early termination? That clearly says one month, different than 30 days, minimum not 60 days. One month would be if you wanted out at the end of September you would give notice before September rent was due, or with it if paid on time/early. It does however allow you to specify, lets say October 8th for the example, as long as the one month minimum is met. You would not be able to get out of the lease for the end of August though because we are already in the month of August.
Lease didn't copy correctly, I revised the wording as it is on the lease.
But there is also a statement about subletting or replacement of resident in the lease as well which LL won't approve for some reason. Why would they include such statement in the lease if they are not going to allow any resident to sublet?
Quote:
Originally Posted by Rabrrita
Are you posting what is in the LEASE or is that an Agreement they are providing you (outside the lease) because you want to terminate the lease?
I am posting what is in the lease called "LEASE CONTRACT BUY-OUT AGREEMENT"
Lease didn't copy correctly, I revised the wording as it is on the lease.
But there is also a statement about subletting or replacement of resident in the lease as well which LL won't approve for some reason. Why would they include such statement in the lease if they are not going to allow any resident to sublet?
That is substantially different than what was there before. You didn't answer my question either, a buyout and an early termination are two similar but different things. In a buyout you are no longer responsible for rent due to the end of the lease term. However, in a regular early termination you are liable for rent due until the end of the lease term. This due rent can include the difference of the new tenant's rent and your old rent, you would cover the difference until your lease was up.
That is substantially different than what was there before. You didn't answer my question either, a buyout and an early termination are two similar but different things. In a buyout you are no longer responsible for rent due to the end of the lease term. However, in a regular early termination you are liable for rent due until the end of the lease term. This due rent can include the difference of the new tenant's rent and your old rent, you would cover the difference until your lease was up.
Per the wording, purpose of the buyout is early termination. I don't want to terminate my lease, rather I want to sublet my unit which LL won't allow for reason. LL is telling me only way to break the lease or terminate the lease early is through 60 days notice + 2 months rent buyout when the lease states sublet is allowed per LL's written consent.
Per the wording, purpose of the buyout is early termination. I don't want to terminate my lease, rather I want to sublet my unit which LL won't allow for reason. LL is telling me only way to break the lease or terminate the lease early is through 60 days notice + 2 months rent buyout when the lease states sublet is allowed per LL's written consent.
If he wont give the required consent then it isn't allowed. The clause is in there because it is a property management company and some landlords allow subletting but this one does not seem to.
I wouldn't do the buyout. I would just break the lease and let them attempt to rerent. Then you pay rent on the normal due date until it's rerented or until lease end date, whichever occurs first.
If they rerent in the middle of the month after you paid rent for that month, then they owe you refund on rent because they aren't allowed to double dip. Although sometimes this isn't worth the headache to get a partial refund because it's difficult for the prior rental to prove exactly when someone else moved in.
I would be this time of year more folks are moving in NJ(nice weather). So it likely will get rerented quickly and then you are off the hook for owing future rent.
See if the 'sublet' person can apply to a normal lease instead of a sublease. Have the person ask for your exact unit#. Then they have a new lease and you are gone and don't owe rent once they move in.
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