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Moved to Atlanta from NY 6 months ago and signed a year long agreement to rent out at the building I currently live.
I am taking a job back in NY so I'll no longer be living here. According to my lease agreement in the section regarding early termination, it states I need to pay all monies due in rent until the end date. My question is how likely is it to make monthly payments to pay down the rest of the money instead of paying the whole sum at once? Does it depend on the landlord or are there certain regulations regarding this?
A court won't make me pay the full load even though that's what the contract states? Or are you saying the likelihood of it getting to that point is very unrealistic?
Yeah I don't mind not getting the security deposit back, and I certainly don't mind paying all the money back but in monthly payments. I've never broken a lease before and I've never really given it much thought.
According to my lease agreement in the section regarding early termination,
it states I need to pay all monies due in rent until the end date.
I bet it states something more and differently than that.
You need to read and understand the lease language EXACTLY as it is written.
Quote:
...how likely is it to make monthly payments to pay down the rest of the money
instead of paying the whole sum at once?
Very likely. Again... read and understand the lease language EXACTLY as it is written.
One of the reasons for paying month by month is that the SECOND the landlord finds
a new tenant (and he will) for your apartment... you stop owing any more rent.
Quote:
Does it depend on the landlord or are there certain regulations regarding this?
At the top of this forum section are links to state ll/tenant laws. Find yours.
Thank you for referring me to the sticky in the main forum. Found the guide for Georgia's tenant code and it looks like I am only liable to give written notice 30 days in advance and will have to pay rent for that month to cover it. Does that sound about normal? Sorry for the amateur questions but like I said, I've never been through this.
...and it looks like I am only liable to give written notice 30 days in advance
and will have to pay rent for that month to cover it. Does that sound about normal?
No. That "normal" is only for people who are NOT on a years lease.
People who are on a "month to month" give/get notice by the month.
You have a contract for one year that if the LL wants to be a jerk about things...
they could hold you liable for in total. Most LL's aren't jerks though. (really)
Of Note: GA does not have a "duty to mitigate" statute.
You give notice. Pack up and leave when you need to for the new job
Did you pay the rent for February yet? If not... do so.
BEFORE YOU LEAVE...
Clean carefully and INSIST that the LL come by to inspect condition. Take some photos too.
Then ask him specifically if anything is other than when you moved in (damages).
This is about protecting your security deposit (a different matter than rent).
You: "How long do you think it'll take to find a new tenant"?
Him: "In this market? I'll have somebody in her by next weekend"
You: "When can I expect to have my deposit refunded"
Him: "State law says I have to settle up within X days... probably by the __"
You: "OK. Keep in touch. Here's my new address and stuff."
Then go put all that in writing and send him a letter with it.
The LL will want to rent it, it is not good to let a property set empty, he can not charge 2 different tenants rent for the same property, and willl be obligatedd to secure a new tenant.
Again tell him help him show it, many time a LL will get a greater rent when the tenant moves, the rental maket is getting better,
You already know what the worst case scenario will be dollar wise.
How good are your negotiating skills?
Many, but not all leases, will have a provision of two months rent and maybe forfeiting the deposit if you break the lease.
I appreciated when I get a heads up and will work with a tenant that will work with me... sometimes this means the tenant is agreeable to no notice showing or has even found a suitable replacement.
I had a young lady that worked several jobs while in school... she was basically on her own and her mother died at an early age from cancer. Her dream was to be a Doctor and she had applied to medical school and was wait listed... she called on a Saturday and asked if I could stop by the house... she showed me a letter that she was accepted to med school in the Chicago... the only problem was school started in 9 days... I congratulated her and told her to start packing... she is now a Doctor and sends a Christmas card each year... gave her all he deposit back and wished her good luck and let her break her lease with no penalty...
No. That "normal" is only for people who are NOT on a years lease.
People who are on a "month to month" give/get notice by the month.
You have a contract for one year that if the LL wants to be a jerk about things...
they could hold you liable for in total. Most LL's aren't jerks though. (really)
Of Note: GA does not have a "duty to mitigate" statute.
You give notice. Pack up and leave when you need to for the new job
Did you pay the rent for February yet? If not... do so.
BEFORE YOU LEAVE...
Clean carefully and INSIST that the LL come by to inspect condition. Take some photos too.
Then ask him specifically if anything is other than when you moved in (damages).
This is about protecting your security deposit (a different matter than rent).
You: "How long do you think it'll take to find a new tenant"?
Him: "In this market? I'll have somebody in her by next weekend"
You: "When can I expect to have my deposit refunded"
Him: "State law says I have to settle up within X days... probably by the __"
You: "OK. Keep in touch. Here's my new address and stuff."
Then go put all that in writing and send him a letter with it.
Thanks for the clarification and suggestions. Is the "duty to mitigate" statute basically that tenants in GA aren't required to mitigate damages of a terminated lease or do I have that completely wrong?
Definitely will send out rent for Feb ASAP.
Do you think I should even ask about the deposit refund? I don't want to press any buttons and make the LL want to make me pay the entire thing lol.
Quote:
Originally Posted by satman40
The LL will want to rent it, it is not good to let a property set empty, he can not charge 2 different tenants rent for the same property, and willl be obligatedd to secure a new tenant.
Again tell him help him show it, many time a LL will get a greater rent when the tenant moves, the rental maket is getting better,
Every LL has tenants move out early....even me...
Thanks for the advice, I really appreciate it!
Quote:
Originally Posted by Ultrarunner
You already know what the worst case scenario will be dollar wise.
How good are your negotiating skills?
Many, but not all leases, will have a provision of two months rent and maybe forfeiting the deposit if you break the lease.
I appreciated when I get a heads up and will work with a tenant that will work with me... sometimes this means the tenant is agreeable to no notice showing or has even found a suitable replacement.
I had a young lady that worked several jobs while in school... she was basically on her own and her mother died at an early age from cancer. Her dream was to be a Doctor and she had applied to medical school and was wait listed... she called on a Saturday and asked if I could stop by the house... she showed me a letter that she was accepted to med school in the Chicago... the only problem was school started in 9 days... I congratulated her and told her to start packing... she is now a Doctor and sends a Christmas card each year... gave her all he deposit back and wished her good luck and let her break her lease with no penalty...
Negotiating is part of what I do for work so hopefully some of that will come into play.
I guess it all comes down to giving notice, being honest, and offering to help make the transition as smooth as possible for the landlord.
worst case scenario you owe rent on the due date (aka 1st of each month) until end date on the lease. If you did this, you would expect to get security deposit back if no damage, because you fulfilled the terms of your lease.
if landlord finds a new tenant that moves in before end of lease,then you owe rent until that new tenant moves in.
You should ask the landlord if you can pay a lump sum 'early termation fee' instead of owing the montlhy rent after you are gone. offer to pay 1.5x rent for such fee. Maybe you can negotiate it to 2 months rent , lump sum, that you pay up front to breakk the lease. Then landlord would need to put something in writing/sign it, specifying that you have been let out of your lease obblication that previously had end date of xxx. and that you paid early termination fee of Y amt on A date.
If you pay an early termination fee, you should get back security deposit if no damages. Security deposit is for any moneys you owe landlord (back rent) or for damage to apartment. If you owe neither, then security deposit is due to you.
If you both agree to an early termination fee, then the landlord can rent the apartment immediately and wouldnt owe you any money. So it could be a win-win for the landlord in this case to make extra rent money if apartment can be rerented fast. And it's good for the tenant because you dont have to find out/hope that landlord is able to rerent. and the tenant doesnt have the possibility of paying all 6 months if the place does NOTget rerented. So tenant is off the hook and can move on in life.
google "early termination fee lease"....to see what you come up with.
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