Breaking apartment lease to buy house?

Question

Hello,

I have looked but couldn't find the specific answer in this Yahoo! answers section. Anyways, my question is regarding the breaking of an apartment lease. I am currently halfway through a one year apartment lease (in california).

I have no problems at all with the landlord, staff, or neighbors. My friend, who is a realtor, advised me to purchase a condo, as it would be the same monthly mortgage payment as my current apartment rent. Considering how property prices can fluctuate, and how it is so expensive here in the Bay Area, he found me several condos for an awesome price I can deal with.

So, my question is, what kind of penalties can I look forward to? I have no problems having to part with my security deposit or paying an additional month's rent, as rules are rules and again I have had no problems at all with the landlord or staff and don't want to have any bad feelings.

Thanks.

Answer 1

First off, talk this over with your landlord. You might be surprised! If rents or costs have been increasing he may be happy to let you out of your lease so that he can raise the rent for the next tenant.

But to answer your question on liability, you can be held liable for the remainder of the lease payments or until the landlord can place a suitable tenant in the unit. The landlord does have a legal obligation to make reasonable efforts to re-let the apartment to minimize your losses but does not need to take extraordinary means to do so. In most areas under mormal circumstances the courts usually hold that 2 months is adequate time to re-let the unit. Local conditions could change that either way as could any circumstances unique to the property.

For obvious reasons it's best to talk this over with your landlord first. I did the exact same thing a number of years ago and they agreed to let me out of my lease for one months rent if I provided a copy of the closing statement. With a bit of luck, your landlord will do the same.

Do keep in mind that it will probably take a month or two to close on the new place. That will get you closer to the end of your lease and minimize your exposure if worst comes to worst.

And please ignore the idiot that suggested fake military orders! That's a federal felony! You don't need that hanging over you; it'll cost you a LOT more than six month's worth of rent.

Answer 2

You should look over your lease to find what penalties you will have to pay, as each lease is different. I am currently renting an apartment, and I believe that the penalty for breaking my lease is just under what I would pay for 2 months worth of rent.

My advice would be to make a decision soon, as you will pay more rent the longer you wait. I also advise you to consider waiting until your current lease runs out before you move into the condo you are looking at, so as to avoid paying any penalties.

Answer 3

With the lease you are in a binding contract. As another person said you could be liable for the remaining six months.

You can probably sit down with the landlord and come to a resonable solution. I would bring a third party and make sure the agreement is in writing signed by both you and the landlord. I would highly suggest taking the agreement and getting it notorized. Make two copies of the agreement and take it to a notory. Most banks have a notory on hand. You will both sign both agreements. The notory will sign and add the seal. This way you both had a witness. You do not want it to be a verbal because the landlord could easily try to renig on the offer.

Answer 4

First off you need to read your lease--they usually have clauses for breaking them. Many have a fixed fee for breaking the lease--oftentimes equal to one or two months rent.

Second, if there is nothing in your lease, contact your landlord and work a deal. The apartment may stay vacant for at least 30 days (as they get it ready for another tenant, advertise the vacancy and set a date) or longer, so it would be typical for a landlord to ask for 1-2 months to break the lease.

Third, they cannot make you forfeit your security as that is to assure against damages to the unit...that has to be returned to you, although after you vacate they may allow you to sign a release of the security as part of breaking the lease.

Finally, it is possible that you will not be permitted to break the lease--i.e. they want the balance of the rent. You can skip out, which will result in a law suit for the rent. If this is the case, then look at your lease to see if it forbids subletting, permits subletting with landlord permission or is silent. If you can't get out of the lease, consider renting it to somebody else for the duration of your lease. Just if it requires landlord permission make sure you get it and make sure you have a security deposit and lease from the sub-lessee and insurance to protect you during the remainder of the lease.

Lawyer here.

Answer 5

You are liable for 6-month's rent, but that's only if you're Landlord doesn't Lease it.Best thing to do is tell your Landlord that you have found some properties and you considering Buying. He won't be tickled, esp. if you have been paying on time. Let your landlord know that you will do everything in your power to assist him in finding him another tenant, like having your unit clean and ready for him to show to prospects. If you or your Landlord can find an acceptable tenant in the interim, then you're off the hook. What you don't need right now is a glitch on your credit report. You won't regret buying!

Answer 6

Sometimes landlords will let you out of the lease under these kind of circumstances, and will require (generally) a 30 day notice, and a month's rent. If you leave your apartment clean, they may give you back your security deposit, but they could keep it. The best thing to do is talk to your landlord, and explain your situation and see what their reaction is. Good Luck to you.

Answer 7

Speak to the landlord as quickly as possible. Even though you are legally responsible for rent until the end of the lease (another 6 months) if he can find someone to move in, which is likely, he will have no losses and may be willing to let you break the lease. But the sooner he knows, the sooner he can find someone.

Answer 8

You may be responsible for the rent for the remainder of your lease. You really need to check your contract, it should tell you what the penalty for breaking the lease is. Sometimes if you talk to the landlord and they can get someone else in there so they are not loosing money they will let you off the hook. Good Luck>

Answer 9

Since you're on good terms with the landlord, talk it out with him/her. Explain the situation - you had a great opportunity to buy a home and did so. Maybe if you ask if you can work something out, so neither one of you is out a lot of money, he'll be agreeing. Perhaps if you agree to show the apartment (have people call you for appt times) for him and accept all the applications, etc. and have the apartment ready for the next tenant to move in (painted and professionally cleaned), he'll be happy. I can't imagine if you offered all of this that he'd still try to enforce your lease. Legally, he has every right to though, so if he decides to be a hard head about this, you won't have much of a leg to stand on in court. Be super nice, calm, and offer whatever you can so you'll both be happy.

Good luck and CONGRATULATIONS on your first home!!! Very cool!

Answer 10

This is the law:
If you break the lease. anything that is abandonment of the apartment (ie, move out out and/or buy a house), you are required to pay the apartments rent until ONE OF THE TWO following conditions are met:
1) The lease expire (ie, the lease is up)
2) The landlord rents out the apartment