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My property manager told me that if I want to terminate the lease early, I can pay 3 months worth of rent to do that. This is not specified in the lease, which leads me to think that this would be an informal "buyout": I pay 3 months penalty, and he would then agree to terminate the contract. But I have also read elsewhere (online etc) that landlords are supposed to "reasonably" attempt to re-rent out the property and after re-renting it, return the excess balance/profit that the original tenant paid. Since the penalty is supposed (at least theoretically) to be used to ensure the landlord does not lose out on rent, I highly doubt it takes 3 months to re-rent out the apartment. Anyone have any suggestions on what I can do to reduce this penalty fee? Or is there nothing to be done since this is an informal "buyout"?
My property manager told me that if I want to terminate the lease early, I can pay 3 months worth of rent to do that. This is not specified in the lease, which leads me to think that this would be an informal "buyout": I pay 3 months penalty, and he would then agree to terminate the contract. But I have also read elsewhere (online etc) that landlords are supposed to "reasonably" attempt to re-rent out the property and after re-renting it, return the excess balance/profit that the original tenant paid. Since the penalty is supposed (at least theoretically) to be used to ensure the landlord does not lose out on rent, I highly doubt it takes 3 months to re-rent out the apartment. Anyone have any suggestions on what I can do to reduce this penalty fee? Or is there nothing to be done since this is an informal "buyout"?
What specifically does the lease say about termination? If it's not in the lease, you are not bound by arbitrary terms.
If the lease does outline a 3-month buyout, you can locate a qualified replacement tenant as an alternative.
But I have also read elsewhere (online etc) that landlords are supposed to "reasonably" attempt to re-rent out the property and after re-renting it, return the excess balance/profit that the original tenant paid.
Many states have statutes that require landlords to mitigate the damages; but I do not believe DC code has this.
What specifically does the lease say about termination? If it's not in the lease, you are not bound by arbitrary terms.
If the lease does outline a 3-month buyout, you can locate a qualified replacement tenant as an alternative.
The lease does not say anything really at all about what happens if I wish to terminate the contract. Which is why I think it's an "informal buyout" in the sense that if I pay three months rent on the side, then the landlord will agree to mutually terminate the lease.
You can take the landlords offer of a termination fee or you can break the lease and continue to pay rent for the full term of the lease. DC does not require the landlord to mitigate his damages by finding a replacement tenant. Make sure you get everything in writing.
"Int’l Comm'n on English in the Liturgy v. Schwartz, 573 A.2d 1303, 1306 (D.C.1990):
When tenants wrongfully abandon premises, landlords have three options: [1] [the landlords] could accept the abandonment and thereby terminate the lease; [2] they could, without acquiescing in the abandonment, re-enter and relet and hold the tenants for any deficiency in rent; or [3] they could refuse to re-enter, allow the premises to remain vacant, and hold the tenants for the full rent. Truitt v. Evangel Temple, Inc., 486 A.2d 1169, 1172 (D.C.1984) (quoting Cohen v. Food Town, Inc., 207 A.2d 122, 124 (D.C.1965)).
This is a commercial lease case, but the court did not distinguish between residential or commercial properties.
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