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I signed a lease for an apartment yesterday (California). This was necessitated by my current roommate moving out and being unable to fill his spot in my current apt. However, a friend of mine informed me today that he would be willing to rent my departing roommates room. I would love to stay where I am at as the apartment I signed a lease for yesterday is further from work and in a less desirable area. Some things to remember about my situation:
- I haven't paid property company a security deposit or first month's rent yet (in fact they haven't even asked for it yet)
- The lease doesn't begin until next month and the guy who would be my roommate at the new place already has to stay through the next month per his ending lease's 30 day notice provision
- The building has a waitlist of 6 people wishing to upgrade to the same unit I would be renting and units in the building typically get rented the same day they are listed as vacant
- lease has a early move out provision stating if you move out early without our (property manager's) written consent or without paying us the negotiated termination fee, you will be liable to us for actual damages, including liability for rents during the entire remainder or your lease term (less mitigation)
If I back out and they re-rent the unit in the next few days (which seems likely what will happen) what am I on the hook for? I feel that since I haven't handed over any money to them and the demand for units in the building is high, what incentive to I have to follow through on this (other than them trying to sue me)? My plan was to tell them I will not be honoring the agreement and offer to pay the couple extra days rent (would be about $500) that the guy would have to pay since he rescinded his 30 day notice.
If it we're me I'd hold you to the early termination fee and I'd persue it through the courts. Here in AZ that is an easy win and the surrounding situation doesn't matter, the courts are very pro-contracts so here I'd win without even trying.
My lease specifically stated that once signed by a tenant it is a binding agreement, check for similar language and see what it says. Maybe it requires money to change hands but I doubt it. If the LL were doing it the opposite way (not providing access because they rented it to someone else) you would be pretty pissed and have grounds for damages so expect the same in return.
If it we're me I'd hold you to the early termination fee and I'd persue it through the courts. Here in AZ that is an easy win and the surrounding situation doesn't matter, the courts are very pro-contracts so here I'd win without even trying.
My lease specifically stated that once signed by a tenant it is a binding agreement, check for similar language and see what it says. Maybe it requires money to change hands but I doubt it. If the LL were doing it the opposite way (not providing access because they rented it to someone else) you would be pretty pissed and have grounds for damages so expect the same in return.
This sounds like what would happen here in Minnesota as well.
If it we're me I'd hold you to the early termination fee and I'd persue it through the courts. Here in AZ that is an easy win and the surrounding situation doesn't matter, the courts are very pro-contracts so here I'd win without even trying.
My lease specifically stated that once signed by a tenant it is a binding agreement, check for similar language and see what it says. Maybe it requires money to change hands but I doubt it. If the LL were doing it the opposite way (not providing access because they rented it to someone else) you would be pretty pissed and have grounds for damages so expect the same in return.
But isn't the termination fee something you need to pay to be free an clear of the lease? If they find someone to rent the place in the next day or two, wouldn't that terminate my lease anyway? The landlord can't charge me for rent for a unit he rented to someone else. I could see the value in paying the termination fee if there was a high chance the place would sit vacant for months, but by all indications it will get re-rented in the next few days. It seems like there isn't much incentive to pay the termination fee because the lease will terminate when he re-rents.
I signed a lease for an apartment yesterday (California).
I haven't paid property company a security deposit or first month's rent yet
(in fact they haven't even asked for it yet)
Call them immediately and say you're not interested.
Don't worry about the rest (only a jerk LL would make an issue of it).
If it we're me I'd hold you to the early termination fee and I'd persue it through the courts. Here in AZ that is an easy win and the surrounding situation doesn't matter, the courts are very pro-contracts so here I'd win without even trying.
My lease specifically stated that once signed by a tenant it is a binding agreement, check for similar language and see what it says. Maybe it requires money to change hands but I doubt it. If the LL were doing it the opposite way (not providing access because they rented it to someone else) you would be pretty pissed and have grounds for damages so expect the same in return.
If you were able to re-rent it days later and suffered no loss, why would you be entitled to any damages/fees? As I understand it, the lease termination fee is there as a way to pay a fee and be free an clear of the lease. Alternatively, if you don't pay it, you are rolling the dice as to whether the landlord can re-rent the property in a timely manner. In LA, where there is always a high demand for housing, it seems like a no brainer to roll the dice--especially since the property manager told me that their is an internal waitlist for this unit.
If you were able to re-rent it days later and suffered no loss, why would you be entitled to any damages/fees?
Because the contract that you agreed to states that I would be, specifically talking about my leases here obviously. I'm confused, why do you expect the contract to be void just because you declared it so?
Quote:
Originally Posted by psm11
As I understand it, the lease termination fee is there as a way to pay a fee and be free an clear of the lease.
For me it is there to cover my costs caused by you backing out. I now have to spend time (money) to do showings, relist the unit, do background screenings, etc. and those costs aren't different if it was 2 month before the beginning of the term or 9 months into the term. There is real damages here caused by you deciding to back out of the contract, it would be up to the other party to decide if they wanted to persue it or not.
Quote:
Originally Posted by psm11
Alternatively, if you don't pay it, you are rolling the dice as to whether the landlord can re-rent the property in a timely manner. In LA, where there is always a high demand for housing, it seems like a no brainer to roll the dice--especially since the property manager told me that their is an internal waitlist for this unit.
That likely isn't a choice you get to make; if the contract includes an early termination fee it almost always isn't an option to pay it OR pay the daily rent. If that is the case and the unit will go so quickly what exactly is your question? Seems to .e if it was an option then you wouldn't be here asking anything.
You completely ignored the last bit I wrote so here it is again. If the LL were doing it the opposite way (not providing access because they rented it to someone else) you would be pretty pissed and have grounds for damages so expect the same in return.
This situation to me seems to be a very millennial thing. The whole "I can do whatever I want whenever I want with no consequences" mentality. Just to clarify so it doesn't seem like I'm unfairly attacking millennials, I'm a millennial born in '85 married to a millennial born in '84.
I would call and explain immediately. I guess your results will depend on how the LL or management company is feeling in that particular day.
If they are half decent, and there was huge demand, they’ll just move on to the next person and let you off the hook.
However, if you signed a lease that includes early termination language, where you owe a certain amount to be let out of the lease, don’t be surprised if they hold you to that. This allows them to collect the termination fee from you, and re rent without missing any rents time. Basically, a big win for the LL here.
Like AZ said though, you entered into a legal contract, and are now bound by those terms. The fact that you don’t perceive there to be loss here doesn’t mean that there isn’t. Expecting to be able to just change your mind, and not suffer any consequences, because you think it’ll be easy to find someone else, is kind of silly.
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