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Old 11-14-2008, 08:18 AM
 
107 posts, read 455,268 times
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Does anyone on the forum have any experience terminating (or attempting to terminate) a lease at the Oaks at Weston? Or maybe you're just very knowledgeable about such matters and would care to PM me?
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Old 11-14-2008, 08:29 AM
 
Location: ITB Raleigh NC
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Quote:
Originally Posted by LMEW View Post
Does anyone on the forum have any experience terminating (or attempting to terminate) a lease at the Oaks at Weston? Or maybe you're just very knowledgeable about such matters and would care to PM me?
Every lease I have signed has had an early termination clause. Some say "no problem with 30 days notice". Others say "you have to pay X amount". Calling the office and asking them will answer your question accurately and in a timely manner.
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Old 11-14-2008, 12:23 PM
 
Location: Charlotte
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That has been my experience as well. You lease should have a paragraph about early termination. You may have to notify them X amount of days and pay X amount of money in order to have your lease terminated.

Most apartment companies are part of the The Apartment Association of NC. (http://www.greatercaa.org/aanc.cfm - broken link) You may want to contact the Triangle Apartment Association if you don't feel comfortable asking your leasing office.
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Old 11-14-2008, 12:34 PM
 
Location: Durham, NC
1,364 posts, read 5,749,451 times
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Here's the catch with early termination.

Most places will say something like one month's rent penalty or something like that. Depending on the situation, this may not be so bad.

BUT,

Most complexes get you in there as a new resident on a "Promotion". Case and point, my building's "rack rate" is $1045/month but we paid $896/month.

We inquired about early termination after 8 months because we were looking at buying a house. Not only did we have to pay the $1045 penalty, but they also retract your promotional rate retroactively, so we would have had to pay the $149/month difference x 8 months of residence = nearly $1200 additional.

This is not just the case with my building because I know for a fact it's happened elsewhere and we even encountered the same situation in CA before moving out here.

So, if you have a promotional rate, chances are they may make you re-pay that money too.
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Old 11-14-2008, 12:48 PM
 
240 posts, read 1,242,551 times
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I terminated my lease early when I purchased my house and I had no problems. I just had to give 30 days noticed and pay a small penalty for terminating early. Like the ealier poster said call the office and talk to them most places are very accommodating when they know you are purchasing a house. Good luck!
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Old 11-14-2008, 12:58 PM
 
Location: Durham
862 posts, read 3,351,888 times
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We have the same situation as sneezecake at our complex.
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Old 11-14-2008, 01:33 PM
 
850 posts, read 4,506,252 times
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Here's the thing with lease termination. It totally depends on the community. NC doesn't have a standard legal procedure for early termination. As far as the law is concerned, you have to pay through your lease or pay until a new tenant moves in, whichever is first.

That said, most communities have a clause in their lease about early termination. No matter what, you have to give the proper amount of notice as outlined in your agreement. What comes next really varies from community to community. In the Apartment Association of North Carolina lease, which is the most commonly used agreement in the area, it states that you can be released from your lease early without penalty if you pay a termination fee. The termination fee is 1 months rent if there's less than 3 months left in your lease, 1.5 months rent if there's anywhere from 3-6 months left in your lease, or 2 months rent if there's more than 6 months left in your lease. And as another poster mentioned, if you received any concession (a special rate, this will be noted in your lease), then you have to repay the portion that you had used so far. Knowing your community, I'm pretty sure you were probably given a concession.

Now, to exercise this early termination option, you will have to enter into an Early Release Accord and Satisfaction agreement agreeing to these terms. Once you do, you'll have to pay the fees prior to your move out date. By signing this agreement, you are basically paying to be let go and be done with any further obligations. Now, if you're a gambler, you don't have to enter into this agreement. You can give your required notice, pay your concession pack, but keep paying market rent on your apartment until a new tenant moves in. That could be quick, in which case you'll save yourself some money, or it could be long and drawn out, in which case you'll lose more money. That's where the gamble comes in. So you can either play it safe and pay the fees or take a gamble and maybe pay less, maybe more.

Again, this is the industry standard, but doesn't necessarily mean that's what your community does. Read your lease and give them a call. I can tell you one thing...they're not going to make it easy for you. No one wants to lose a tenant in this economy!

Last edited by Babytarheelz; 11-14-2008 at 01:39 PM.. Reason: add
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Old 11-14-2008, 01:58 PM
 
Location: Cosmic Consciousness
3,871 posts, read 16,212,734 times
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Yes, I'm following you. Here are some threads from the "Renting" forum:

//www.city-data.com/forum/renti...terminate.html

//www.city-data.com/forum/renti...easonable.html

There are many more. You don't state a reason, so I don't know which threads to choose.

In the upper right of every City-Data page, click on Search.
Click on Advanced Search.
I found the only thread with the word "terminate", so in the Search by Keyword box type the word break (with no quotation marks)
Just underneath that box, in the drop-down choose Search Titles Only
Right column: Search in Forums: click on Renting
Click button for Search Now.
Several threads with specific reasons will come up.

Good luck!
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Old 11-14-2008, 06:33 PM
 
9,680 posts, read 25,650,602 times
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The only reason a landlord is required to let you out in NC is if you join the military or are compelled to relocate because of military orders.

Some leases have job transfer clauses. Some don't. Same with early termination.

Some landlords will make you pay until a new tenant is found. Others will negotiate.

Read your lease to see if there are any escape clauses.

As another poster said, any discounts will need to be repaid. Some landlords will also reprice the lease from 12 months to the time you will actually be staying.

If no escape clause, try to finish the lease or negotiate a settlement. Subletting can get you screwed if the subtenant causes damage or stops paying the rent.

Good luck.
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Old 11-14-2008, 08:10 PM
 
107 posts, read 455,268 times
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Thanks everybody; you've all been very helpful. Yes, my apartment is deeply concessed (eh?), and the lease has all these dreadful stipulations about how you can't get out early for loss of job, moving for a new job, and other such inanities. I'll still get in touch with the folks in the office to see what they say should it happen that a move needs to take place, just because one never knows....

And allforcats -- glad to see you care enough
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