Our home was lost to a government declared flood disaster so we moved into an apartment. We signed a year lease but now we are purchasing a new home and there are still 5 months left on the lease. Can we break the lease and not have to pay or are we still liable.
2007-04-27 01:39:03 · 7 answers · asked by bettysueoz 1 in Business & Finance ➔ Renting & Real Estate
Read the lease. You are probably still liable for the 5 remaining months. But check to see if you're allowed to sublet the apartment. You may be allowed to find another tenant to take your place. Talk to the landlord, too, but be sure to read that lease, or have an attorney read it for you. They can be quite complicated. Good luck, and congrats on the new home.
2007-04-27 01:43:57 · answer #1 · answered by ~RedBird~ 7 · 0⤊ 0⤋
YES YOU ARE STILL LIABLE. the only way for you to leave an break y our lease is a few options:
1. write a letter to your landlord explaining your situation and your proposed date to leave, 30 days notice is normal
2. Allow landlord to keep security as payment for breaking lease
3. ask landlord to draw up early termination agreement
In out building if tenants leave and want to break their lease we charge them 3 months rent as a penalty.
4. Sometimes you can sublet (which we dont allow but other buildings do bc there is nothing binding these peopel to pay your rent) or do a 'lease assignment' where you pay a fee to transfer the remainder of your lease into someone elses name but that is up to you to find a person. They must also meet requirements to be accepted.
Sometimes if you write a letter explainingyour situation we will only chagre one months rent or keep security. Either way be friendly and reeasonable bc u are binded to pay the remainder. Thenicer you are the more they will work with you but be prepared to pay some sort of penalty bc nothing is ever free!
2007-04-27 08:51:14 · answer #2 · answered by spadezgurl22 6 · 0⤊ 0⤋
You should read the lease carefully. There could be a specified time be given before being able to vacate without penalty. Most are 60 days notice. Or if the lease has a buy/build clause allowing early out with a notice of 30 days to vacate. Either way, read your lease carefully.
2007-04-27 08:47:35 · answer #3 · answered by Alterfemego 7 · 0⤊ 0⤋
If you are on a Katrina lease, you may be able to leave at any time depending on the agreement that the CLC (the company that is handling the Katrina rent payments for those that were displaced). However, if you are not a Katrina lease and there's no payments for rent being made for you by a government agency, then you are responsible for the entire lease and any termination penalties that will apply.
2007-04-28 01:02:05 · answer #4 · answered by wickdsinnr 4 · 0⤊ 0⤋
I think you are still liable for the remainder of the lease (or as long as it sits vacant) or does your contract have a termination fee? where you can buy out the remainder of your lease? check with your landlord. Ive been managing apts for over 20 years and ive been "told" by residents several times that they were not liable if they moved out due to buying a home... yet in over 20 years Ive never seen a contract that said that! Talk to your manager. Good luck!
2007-04-27 08:44:40 · answer #5 · answered by just me #1 5 · 0⤊ 0⤋
at most places you can't break a lease like that. you might be able to talk to the owner of the place to see if they will let you out of it. you might end up getting stuck with the rest of the 5 mos rent or you could get lucky and they might just keep the security deposit.
2007-04-27 08:48:52 · answer #6 · answered by Morganna 5 · 0⤊ 0⤋
Your lease is still valid. Make nice though, under the circumstances they will likely let you out of it as soon as they find a new renter.
2007-04-27 08:45:53 · answer #7 · answered by Anonymous · 1⤊ 0⤋