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I signed a 12 month lease on house in February, and recently heard from the property manager that owner is being re-assigned back the city where we live and would like to break the lease.
They understand that we have a lease for another 10 months, but want to try to work something out so they don't have to rent and move twice. Initially they offered to let us stay rent free for for May and half of June to be out by June 15th. I declined that - it's just not enough, in my mind.
Anybody have an opinion of what is fair in these circumstances?
While huge pain, moving in June would be better than in February (middle of the school year) it's still a big deal. We had planned to go month to month until next summer anyway.
I offered to agree to terminate the lease and move by June 15 for 3 months rent payment in cash, no rent for remainder of the short lease, full security deposit return without question.
That's just arbitrary - but my thinking was that if we terminated the lease early we would still be on the hook for the lease until they found a new renter. When we were looking for a place to lease many places had been vacant for 3+ months.
Moving fees and 1-2 months rent after a 30 day notice would be reasonable IMO. Just make sure you get everything in writing. Full deposit return would depend on the condition of the property and is usually stipulated by state law.
Don't get greedy. 2 months rent free and moving costs are reasonable. Asking for cash and free rent makes it cheaper for the LL to move twice. Remeber it is costing the LL also. If you ask for too much the LL will look at expenses and decide on the cheaper route. If you can vacate by June 15, you have plenty of time to find another rental and it's after school is out. The deposit is still negotiable, depending on how you leave house.
Don't get greedy. 2 months rent free and moving costs are reasonable. Asking for cash and free rent makes it cheaper for the LL to move twice. Remeber it is costing the LL also. If you ask for too much the LL will look at expenses and decide on the cheaper route. If you can vacate by June 15, you have plenty of time to find another rental and it's after school is out. The deposit is still negotiable, depending on how you leave house.
Not trying to be greedy - I thought 3 months seemed reasonable since they would end up having to rent over the next 10 months, but then I was second guessing which led me to Gooogle, which led me here.
We just moved from a place where we were forced out of because the owner got foreclosed - so the emotional impact is a factor.
I signed a 12 month lease on house in February, and recently heard from the property manager that owner is being re-assigned back the city where we live and would like to break the lease.
They understand that we have a lease for another 10 months, but want to try to work something out so they don't have to rent and move twice. Initially they offered to let us stay rent free for for May and half of June to be out by June 15th. I declined that - it's just not enough, in my mind.
Anybody have an opinion of what is fair in these circumstances?
While huge pain, moving in June would be better than in February (middle of the school year) it's still a big deal. We had planned to go month to month until next summer anyway.
I offered to agree to terminate the lease and move by June 15 for 3 months rent payment in cash, no rent for remainder of the short lease, full security deposit return without question.
That's just arbitrary - but my thinking was that if we terminated the lease early we would still be on the hook for the lease until they found a new renter. When we were looking for a place to lease many places had been vacant for 3+ months.
Why would they even be looking for a new renter if the whole reason for breaking the lease is because they are moving back in?
Just get everything in writing about the terms which includes a statement such as "Tenant is hereby released from Lease dated XYZ between said parties."
What you might find is that they are in a position to actually just apply your rent to thier rent. I really think that the securtiy deposit return no matter waht is a deal breaker for sure.My guess is they will just store and rent for a time if they don't think the deal is in their interest also.After 10 months you will see it change to your disavntage really to not take a settlement.
Why would they even be looking for a new renter if the whole reason for breaking the lease is because they are moving back in?
Sure - I mostly thinking in general terms and what I would be contractually obligated to ... in the event I was the one that wanted to terminate early, and not this specific instance. But that is a fair question.
As far as in writing - absolutely. I have been considering the idea of having an attorney write up the agreement (if we can come to one) or amend the existing lease.
I signed a 12 month lease on house in February, and recently heard from the property manager that owner is being re-assigned back the city where we live and would like to break the lease.
They understand that we have a lease for another 10 months, but want to try to work something out so they don't have to rent and move twice. Initially they offered to let us stay rent free for for May and half of June to be out by June 15th. I declined that - it's just not enough, in my mind.
Anybody have an opinion of what is fair in these circumstances?
While huge pain, moving in June would be better than in February (middle of the school year) it's still a big deal. We had planned to go month to month until next summer anyway.
I offered to agree to terminate the lease and move by June 15 for 3 months rent payment in cash, no rent for remainder of the short lease, full security deposit return without question.
That's just arbitrary - but my thinking was that if we terminated the lease early we would still be on the hook for the lease until they found a new renter. When we were looking for a place to lease many places had been vacant for 3+ months.
I think they should buy you out of your lease and return all monies for deposit and security you have given them.
I think 2 months rent plus moving expenses is fair. Whether you take that 2 months as free rent now or cash when you move out is up to you, but I don't think you'd be entitled to both free rent and cash. In my state, if you were to terminate early with 10 months left in your lease, the standard termination fee is 2 months rent or you can continue to pay until the premises are re-rented. Most people elect the 2 months term fee just to be done with it.
Security deposits are governed by pretty strict law, so I don't think you can throw that into the equation. As long as you leave things the way they were, then you should be planning on getting it back regardless.
Sure - I mostly thinking in general terms and what I would be contractually obligated to ... in the event I was the one that wanted to terminate early, and not this specific instance. But that is a fair question.
As far as in writing - absolutely. I have been considering the idea of having an attorney write up the agreement (if we can come to one) or amend the existing lease.
I truly appreciate the feedback.
You're really in the Driver's seat as far as what happens till the lease is up as long as you continue to perform your lease obligations...
Sometimes these things can be a blessing in disguise... can you find a less expensive unit or you could put your things in storage and take an extended trip without having to worry about rent
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