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Message
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 6:26 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
Posted on 7/12/13 at 6:47 pm to Honkus
"ABANONMENT"???
Posted on 7/12/13 at 6:49 pm to LSURussian
(no message)
This post was edited on 7/12/13 at 11:36 pm
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 9:18 pm to cwill
quote:
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
Even though he's a dick with ears, cwill is correct.
Posted on 7/12/13 at 9:21 pm to ItNeverRains
quote:
I'd keep the sec deposit and make him pay rent until 30 days after new tenant is found.
Is that legal? I always thought that in a standard lease, you can only collect rent from previous tenant until you find a new one. Also, if you're still collecting rent from him, why would you be entitled to the sec deposit?
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 9:43 pm to ZereauxSum
The lease says forfeit of deposit if they break the lease agreement.
Posted on 7/12/13 at 10:16 pm to Wasp
quote:
cwill
quote:
Your lease provides you the right to demand rent but you should negotiate a settlement and seek new tenants
I'm just worried I'm going to let them out of the lease & it's gonna sit there another 5mo. , or more. I'm building a new house out of state so I was counting on them to honor the lease.
This post was edited on 7/12/13 at 11:37 pm
Posted on 7/12/13 at 10:41 pm to Honkus
Then I suggest talking to him, letting him know his legal obligation and that you were trying to help them. The only problem is that there is not much recourse. People rent houses because they generally cant afford to buy a house, which means you are not going to get anything from them.
If you are worried about the five months finding a new tenant. Figure out why they are moving out and make an agreement for the to stay for another 4 months at cheaper rent but you can also show the place trying to rent it.
If you are worried about the five months finding a new tenant. Figure out why they are moving out and make an agreement for the to stay for another 4 months at cheaper rent but you can also show the place trying to rent it.
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 7/12/13 at 11:01 pm to rmc
I will vouch for have a stipulated damages clause as well. You can ask for the full rent for the remainder of the lease until you are blue in the face, but no city court judge/justice of the peace is actually going to give it to you. Ink in a three month buy out, and save yourself the aggravation of having to prove damages and/or listening to sob stories.
This post was edited on 7/12/13 at 11:03 pm
Posted on 7/13/13 at 5:28 am to Honkus
You talk to Vigs?
Posted on 7/14/13 at 2:03 pm to GoIrish02
quote:
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.
Landlords have a duty to mitigate damages. That would never be upheld, no matter what the lease says.
Same is true in all contracts. IF it makes business sense to breach it, you breach it; by making the other party whole, some parties are better off, no party is worse off, and commerce expands.
This post was edited on 7/14/13 at 2:04 pm
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