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My tenant wants to break their lease
Posted on 7/12/13 at 6:22 pm
Posted on 7/12/13 at 6:22 pm
2 months into a 2 year lease.
What are my options as landlord? I'm willing to put it back on the market, but I fully expect the full rent until I find a suitable tenant.
Also, am I entitled to the security deposit since they are breaking the lease?
TIA money board.
What are my options as landlord? I'm willing to put it back on the market, but I fully expect the full rent until I find a suitable tenant.
Also, am I entitled to the security deposit since they are breaking the lease?
TIA money board.
7
Posted on 7/12/13 at 6:24 pm to Honkus
quote:
2 months into a 2 year lease.
What are my options as landlord? I'm willing to put it back on the market, but I fully expect the full rent until I find a suitable tenant.
Also, am I entitled to the security deposit since they are breaking the lease?
TIA money board.
Would need to see the lease agreement you had them sign to determine what you can legally charge for an early termination.
Posted on 7/12/13 at 6:54 pm to Honkus
Assuming this is residential, I'd keep the sec deposit and make him pay rent until 30 days after new tenant is found. Two year residential lease is too long IMO, if a year was signed he may have 2nd thoughts on breaking it.
Posted on 7/12/13 at 8:19 pm to Honkus
Your lease provides you the right to demand rent but you should negotiate a settlement and seek new tenants....the other route USA headache. Let them know you have them by the balls, appear unreasonable, then settle. GLTY
Posted on 7/12/13 at 9:15 pm to Honkus
My experience has been to let it go and just keep the deposit. My rentals are low end. 99% of mine have no credit and wouldn't care if I reported it.
Posted on 7/12/13 at 9:43 pm to Honkus
Important questions to give a fair answer are:
How long did it take to rent?
Were concessions made for the tenant?
What reason does he have for breaking lease?
How long did it take to rent?
Were concessions made for the tenant?
What reason does he have for breaking lease?
Posted on 7/12/13 at 10:49 pm to Honkus
I always recommend to my clients to put a buyout clause in their lease that they can stomach. Usually it is 2-3 months. In other words, its clear up front that if the tenant wants to break the lease that's fine. But he will be paying 2-3 months of rent after giving 30 days notice.
Of course, that's on what I assume is a year long lease.
Of course, that's on what I assume is a year long lease.
This post was edited on 7/12/13 at 10:50 pm
Posted on 7/13/13 at 5:28 am to Honkus
You talk to Vigs?
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