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Message
Breaking a lease to buy a new home
Posted on 7/9/14 at 10:22 am
Posted on 7/9/14 at 10:22 am
Morning folks - a friend of mine is an apartment rat whose lease goes up in March 2015. She is tired of paying rent and wants to buy something ASAP but doesn't know how that works in terms of her apartment lease.
I know that relocation out of state is one situation where you can break the lease with minimal penalty.
Any help would be appreciated. TIA
I know that relocation out of state is one situation where you can break the lease with minimal penalty.
Any help would be appreciated. TIA
9
Posted on 7/9/14 at 10:23 am to idlewatcher
Tell her to read her lease. 
Posted on 7/9/14 at 10:24 am to idlewatcher
It should say in her lease agreement. My last lease was you had to pay the equivalent to one month of rent.
Posted on 7/9/14 at 10:26 am to idlewatcher
quote:
I know that relocation out of state is one situation where you can break the lease with minimal penalty.
I have no idea where you're getting that from, but the only possible answers to this question are: (1) read the lease and (2) ask the landlords. Also (3) don't count your chickens and start talking about breaking leases when you haven't even started looking at houses. It damn well might take until March 2015 for your 'friend' to find a house, get a loan, and close.
Posted on 7/9/14 at 10:29 am to Cold Cous Cous
quote:
I have no idea where you're getting that from
My old apt on Bluebonnet eons ago stated that in the lease. I haven't had to deal with a lease in forever b/c I own my house.
I told her to call the landlady to see what options are available. I know that some apartments don't allow you to sublet it unfortunately.
Posted on 7/9/14 at 10:37 am to idlewatcher
Laws vary by state...
In Texas she would owe the full contract value, BUT the landlord has to make efforts to mitigate the loss by marketing the property at a reasonable market rate. Once, the property is under a new lease, your friend would no longer owe any money.
LINK
In Texas she would owe the full contract value, BUT the landlord has to make efforts to mitigate the loss by marketing the property at a reasonable market rate. Once, the property is under a new lease, your friend would no longer owe any money.
LINK
This post was edited on 7/9/14 at 10:39 am
Posted on 7/9/14 at 10:43 am to schexyoung
quote:
Once, the property is under a new lease, your friend would no longer owe any money.
Thanks Schex. She has a good relationship with the leasing office so that should bode well for her situation so we'll see
Posted on 7/9/14 at 11:34 am to idlewatcher
Unless you are military,most places require at least 2 month rent penalty.
Or you can set a moving date, the apartment will go on market...if someone rents the apartment , you only owe until new people move in. You can advertise on craigslist to help entice renters. We did that once and offered incentive to pay pay their move in fees/ deposit, it worked and saved us about 5000$
Or you can set a moving date, the apartment will go on market...if someone rents the apartment , you only owe until new people move in. You can advertise on craigslist to help entice renters. We did that once and offered incentive to pay pay their move in fees/ deposit, it worked and saved us about 5000$
Posted on 7/9/14 at 1:24 pm to idlewatcher
If she is leasing from an LLC's or other corporate entity, no matter how good her relationship is with the people in the office it will haunt her. I was in a similar position here inTexas and did not read my lease about notification of intent to vacate. I thought I was doing good and gave them 33 days notice. Well the lease said 45, I had known for a while I was moving but thought 30 was standard as that was what was on my previous leases. I said f it and did not pay them the 12 days they said I owed. I already closed on a house, had all the credit I thought I would ever need. They sold the debt to a collection agency that harassed the shite out of me, dinged my credit report very month with this negative event. Potential new employers would see it. In the end just pay it as it will be much easier in the long run.
If the property is owned by an individual, I am sure they will work with you but tell your friend not to expect the owner to be negatively impacted at all by their decision to move
If the property is owned by an individual, I am sure they will work with you but tell your friend not to expect the owner to be negatively impacted at all by their decision to move
Posted on 7/9/14 at 3:42 pm to idlewatcher
We were in a similar situation earlier this year and were able to work with the property manager to find someone to takeover our lease, i.e. they are added to the lease and we were removed. It worked out for the best in that we didn't have to fork over thousands of dollars in re-let fees and the apartment kept the apartment leased up. I'd tell her approach the property manager first(Note: NOT a leasing agent) to see what her options are.
Posted on 7/9/14 at 4:54 pm to idlewatcher
God, is she that dumb? Go talk to the landlady and tell her to start looking for a tenant. When she finds one she will probably let you move out and out of lease.
Posted on 7/9/14 at 9:29 pm to Cold Cous Cous
It damn well might take until March 2015 for your 'friend' to find a house, get a loan, and close.
That is the absolute best post possible on this
That is the absolute best post possible on this
Posted on 7/9/14 at 10:49 pm to idlewatcher
quote:
She is tired of paying rent and wants to buy something ASAP but doesn't know how that works in terms of her apartment lease.
As others have said, she should read the contract she signed. I'll add that she should have read that contract before she signed it.
If she's tired of paying rent on a contract she didn't read, it won't be long before she's tired of paying a mortgage.
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