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re: My tenant wants to break their lease
Posted on 7/12/13 at 6:24 pm to Honkus
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.
3
Posted on 7/12/13 at 6:26 pm to Vols&Shaft83
Keep the deposit and find A new tentant
Posted on 7/12/13 at 6:32 pm to Vols&Shaft83
quote:
what you can legally charge for an early termination
In most leases, the tenant is responsible for the remaining balance of the lease term, in this case 22 months of rent. It would be foolish for a landlord to negotiate away what is a pretty standard lease provision from a boilerplate lease.
The only exception I could see would be where the lessee prepaid the entire lease term up front, but the tenant would not get any refund either (for the unoccupied portion of the lease).
The security deposit will stand first to pay for any damages to the unit, once you both to do a walkthrough, and then the landlord can take the remaining amount to offset the balance due for the remaining lease term.
The landlord has a duty to mitigate his damages by actively seeking new tenants, but the current tenant is still obligated to pay you in the interim.
Edit:
You can also (threaten to) report the debt to credit reporting bureaus for the amount outstanding if they don't make good in the interim.
This post was edited on 7/12/13 at 8:50 pm
Posted on 7/12/13 at 6:41 pm to Vols&Shaft83
quote:
the tenant is responsible for the remaining balance of the lease term, in this case 22 months of rent
this is the way I read it, too. so I guess I will just make them to pay full rent until I can find a suitable replacement. once I do, perform a walk-thru with them and take out of the deposit any damages they may have caused, and any costs I incur in finding a replacement.
This post was edited on 7/12/13 at 11:36 pm
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