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Need advise...... My son signed a lease for a student apartment unit, the type that leases 1 unit to multiple tenants on a per room basis, I co-signed lease, we are both out of state residents,
Now about 45 days before the first day of occupancy, (date on lease of move-in),
Need to notify landlord he will not be moving in, is that a breach of the rental agreement?
suggestions on how to handle this and minimize his (and mine) exposure to a potential bad credit score record....
Write a letter and hand deliver it to the LL. They have to make a good faith attempt to re-rent the place, and with 45 days before possession they will find a new tenant and you won't be charged.
Have you read your lease? Have you spoken with the LL? You may have a penalty to pay but you can resolve this w/out ruining any cc score. If you do it right...
Koale
Need advise...... My son signed a lease for a student apartment unit, the type that leases 1 unit to multiple tenants on a per room basis, I co-signed lease, we are both out of state residents,
Now about 45 days before the first day of occupancy, (date on lease of move-in),
Need to notify landlord he will not be moving in, is that a breach of the rental agreement?
suggestions on how to handle this and minimize his (and mine) exposure to a potential bad credit score record....
Thank you, any help/advise will be appreciated
Mark
In most states a landlord is required to mitigate their damages, which means they have to try and re-rent the place asap, with reasonable means, and can only charge you rent until the rent starts flowing from the new tenant. They can also charge you for advertising and reasonable fees associated with the breach.
Some states allow a lease break fee, regardless. Some don't.
If you are not going to be renting the place regardless, give notice in writing immediately that he is breaking the lease and will not be moving in. Then read the lease to see if there is a lease break fee. Then, check your laws to see if it's allowed. Just because it's in the lease, does not mean it's actually allowed by law.
Is this "on campus" housing? If so, this is likely not all that uncommon, and I'm sure they would have standing procedures in place on how to handle it.
Yes, it is a breach of the rental agreement, but likely one you can get worked out. There could be a penalty, there might not be. But it won't go on your credit as long as you pay whatever amount you negotiate (if any).
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