Post # 1
Long story short: DH and I have been house hunting for a while for our first home but just had to renew our lease (which would have been up Aug 4th) until May 31st since we had not found anything. Today a home in our ideal neighborhood dropped $50,000 in price (I am guessing it was foreclosed on?) Anyway, our lease states if we leave early, we pay a small fee but then need to pay rent up to the end of the lease (May 31st) or until it gets rented. So my question: has anyone left a rental early under these requirements (pay to the end of the lease or until it gets rented)? If so, how many months did you have to pay after moving out before it got rented?
Post # 3
My lease stated that I had to pay two months rent to break the lease, so it wasn’t an indefinite thing. We have a lot of people trying to move into the building though, so they’d have no problem with renting it out within the month.
It sucks to do, but if it’s your dream house, and you can afford the mortgage, closing costs, escrow, and the rent on your current apartment, then go for it. You can’t bank on them renting your apartment immediately, so you may be on the hook for a couple months at least.
Post # 4
Check with a real estate lawyer in your city; the clause to pay up till the end of the lease may not be legally enforcable, but that really depends on the landlord/tenant codes in your area. It’s more likely that you’d need to pay 3 months rent plus the leasebreak fee, as that is a reasonable amount of time for the landlord to find a new tenant.
Post # 5
Get someone to sub-lease/take over the lease… Then it definitely gets rented, he may want to take his time renting out the place… and make you pay without him doing any “work” finding someone.
Post # 6
@happyface: That is exactly what I am worried about. And I believe our lease says we can’t sub-lease but I could check. I guess at a minimum I could advertise the hell out of it on Craigslist ha ha.
We love our place and I think it is a steal for the price but we do live in somewhat of a college town so I am worried it won’t get rented if it doesn’t get filled by the end of August when school starts.
Post # 7
Our lease said we can’t sub-lease either (We just renewed our lease on June 15th, and we found 2 homes that we really like in the area we want to live, so I feel your pain) So I talked to the company we rent from, and they said if we wanted to they will list it as available, (when we are ready) and then we can also look for sub-leasers on our own. We do have to pay rent until the move in day of the new tenant…. But that is better than paying rent on it until June 15th 2013 lol.
I would talk to your company… because it said on our lease no sub leasers, but they said that put that in their for their safety but if we work with them than we can sub-lease. I would say as long as they get their money from someone they are happy.
Post # 8
@MaxToRoss: Thanks! We will definitely talk to them and they have worked with us a bit already (agreed to go month to month next summer if we need it) so they may work with us on this too. It ended up the house was not foreclosed on and was a short sale which are taking 4-6 months on average to close. We looked at the home (first ones to be able to) and loved it so we made an offer and it was accepted by the seller. Now in the long waiting process to hear from the bank (Bank of America). Excited but trying not to get too attached… 🙂
Post # 9
And because you just renewed they may be cool about it, there is no harm in asking. 🙂
Post # 10
Look up the specific laws in your state. Where i live in california, it is very easy to break your lease for a variety of reason but laws vary from state to state