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Old 08-17-2010, 12:37 PM
 
Location: Colorado
6,602 posts, read 9,153,142 times
Reputation: 8529

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I live in an apartment complex. I'm also in the process of buying a house. I'm going to have to break the lease if I get the house but right now I don't have an exact closing date set and it's still possible (although unlikely) that the loan can fall through. I talked to the complex manager today to ask how to best deal with this situation since I have to give notice, but I was curious to know if there would be a way to 'void' my notice if the deal falls through. I don't want to have to move in 60 days if I don't 'need' to, know what I mean? Anyway, I have to give 60 days notice TODAY so that I can officially be out of that apartment by Oct 15.

Obviously I signed the lease, so I'm not saying that I think I should treated differently because of my situation and I'm not complaining about the excessive fees that I'll have to pay for breaking the lease because I agreed to them when I signed. I'm just saying that 60 days is a long time and I had never given it much thought -- and I wonder how people who want to move deal with this, since I assume that most people who put in their 60 day notice don't have a new apartment or new housing lined up. I mean, would a landlord really keep an apartment vacant for 60 days to wait for new tenants?
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Old 08-17-2010, 12:40 PM
 
Location: Marion, IA
2,793 posts, read 6,101,128 times
Reputation: 1613
If I were you I'd just forfeit the deposit. If you have enough cash to buy a house you SHOULD be able to afford the deposit
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Old 08-17-2010, 12:46 PM
 
Location: Colorado
6,602 posts, read 9,153,142 times
Reputation: 8529
Quote:
Originally Posted by zz4guy View Post
If I were you I'd just forfeit the deposit. If you have enough cash to buy a house you SHOULD be able to afford the deposit
I would be fine with doing that, but I'm not sure it's an option, as per the lease. I spoke with the manager on the phone and she seemed to indicate that I would need to give 60 days notice (which would cause me to have to pay for September and a pro-rated amount for the first 15 days of October) AND pay the penalty for breaking the lease.

I need to go home and look at my lease. I can't remember the exact details, but my impression when I read it and signed was that I could pay the penalty and not have to deal with 60 days worth of notice, but I want to have my facts straight before I stop by to give my notice.

Either way, I think 60 days is a bit much, and I'm curious to know how people deal with this when they want/need to move. I imagine it's hard to line up a place and then say 'oh, but I need you to wait 60 days for me to move in.'
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Old 08-17-2010, 01:00 PM
 
Location: Marion, IA
2,793 posts, read 6,101,128 times
Reputation: 1613
The worste they can do is not refund your deposit. You also might loose out on a full months rent if you paid on the first and moved out on the first. But other than that, I highly doubt they'll go to collections over not giving 60 days notice. If you left the place in good order they should consider themselves lucky keeping a full deposit. Your property manager sounds like she's an idiot.
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Old 08-17-2010, 03:41 PM
 
Location: Boise, ID
8,046 posts, read 28,352,315 times
Reputation: 9469
I totally disagree

I wouldn't risk it. They probably won't take you to court over the 60 days notice, but they COULD, and then you would have to pay legal fees too, and it would show up as a judgment on your credit report.

The alternative to paying to buy out the lease, which is what the 60 days notice and forfeiture of deposit is, would be to have to pay all costs, including rent and utilities until the property is rerented. So if you skip out on the 60 days notice, and then it takes 4 months for them to find a renter, you could find yourself being taken to court for THAT amount instead. That's what happens when you break a lease. In my market, there are a lot of apartment vacancies, so it could take that long, maybe your apartment market is better.

By allowing you to give 60 days notice and forfeit your deposit, your landlord is then saying they will let you off the hook and let you out of the remainder of your legal contract. They do not have to give you this option. It is meant to be a compromise position, and to try to get around it is NOT being a responsible adult.

And No, a landlord would not keep a rental vacant waiting for a tenant, unless the tenant was paying rent during that vacancy. Sometimes you have to pay for two places at once to coordinate a move. The 60 days gives the LL a chance to try to find a tenant willing to start paying rent as soon as possible after you stop.

Finally, your lender may contact your current landlord to make sure you are in good standing with them before closing on your loan. We get these requests often. If your LL gives you a bad reference and says you are skipping out on what you owe, worst case that could cause you to lose the loan.

Do the adult thing, buy yourself out of the lease by paying the penalty and go on with life knowing that you left on good terms with the LL. Don't burn your bridges.
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Old 08-17-2010, 04:06 PM
 
Location: Colorado
6,602 posts, read 9,153,142 times
Reputation: 8529
Quote:
Originally Posted by Lacerta View Post
I totally disagree
Do the adult thing, buy yourself out of the lease by paying the penalty and go on with life knowing that you left on good terms with the LL. Don't burn your bridges.
Uh, I never said that I was going to NOT 'do the adult thing.'

I was just ranting about the fact that 60 days makes it difficult to plan the next step and I wondered how others generally dealt with this, which I suppose the answer is that generally they briefly pay for two places at the same time.

I signed the contract and I'll pay the associated costs.
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Old 08-17-2010, 04:09 PM
 
Location: Boise, ID
8,046 posts, read 28,352,315 times
Reputation: 9469
Sorry, I was railing more against zz4guy's advice than against your OP.

You did sound like you were trying to be responsible in the first place, and my response was a bit out of line.
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Old 08-17-2010, 06:21 PM
 
Location: Colorado
6,602 posts, read 9,153,142 times
Reputation: 8529
Quote:
Originally Posted by Lacerta View Post
Sorry, I was railing more against zz4guy's advice than against your OP.

You did sound like you were trying to be responsible in the first place, and my response was a bit out of line.
It's OK and I apologize for my hostile response. I'm frustrated by the situation with the house purchase but let that frustration show though in my comment. The house doesn't have a clear title right now, and while the seller is working to fix the problem, it's frustrating because it leaves my timeline so 'up in the air' and there's the small chance that this deal won't work out. The 60 day deadline is tough because it just throws another issue into the mix and while I can afford to pay for extra time required by the 60 day deadline, I'd rather use that money for something else.
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