I have 2 more months left in my apartment but I've been looking at houses and figured it would take me the 2 months to find one but luckily I found the perfect house. Is there some kind on renter's rights where I can break my lease because of a house purchase?
2007-07-07 11:02:56 · 10 answers · asked by Shallow person 1 in Business & Finance ➔ Renting & Real Estate
No, there is no "right" to break one contract in order to enter into another one. Ask for a 60 day escrow or suck it up. You might even hold off, that house will be asking less in a month.
2007-07-07 11:13:16 · answer #1 · answered by Landlord 7 · 3⤊ 1⤋
The others are right. Just because you have bought a property has no impact on your lease, and you have no "right" to break it. You can, but you'll probably lose all of your deposits, and possibly some bad credit on your credit report.
A lot of this, though, isn't so much right as much as what kind of a relationship you have with the owner. Many landlords will be willing to let you out if you give them a reasoable explanation and enough notice. They don't have to, but some actually understand.
One thing some will consider is to hold you responsible, but if you can find someone to move into the apartment they will release you from it. Offer to advertise, contact fellow workers, etc, and help find someone to take your apartment, they are probably happy to get a new tenant with a minimim of fuss.
Real Estate is not all about rules and rights. A lot of it is about relationships. If you have a good attitude and offer some helpful alternatives, many landlords will rather have an easy transition to a new tenant than fight you for your money. They just don't want to be surprised and stiffed.
2007-07-07 11:55:07 · answer #2 · answered by rlloydevans 4 · 1⤊ 0⤋
Sorry, there is no way out of a lease when you buy a house. But, there is a little consolation. When you rent you have to pay upfront, but when you own, you pay your mortgage payment is arrears. So, if you found your house today, you likely won't close for a month anyway. You will still be responsible for the last month for the apartment (don't forget to send your 30 day notice!!!) and your first mortgage payment won't be due until the beginning of the following month. Sometimes actual closing dates get extended so this extra time in your apartment may come in handy. Congrats on the new house!
2007-07-07 11:18:33 · answer #3 · answered by linkus86 7 · 0⤊ 0⤋
It will take at least 30 days to close on the house. If you haven't already applied for financing - it could take even longer. That means you would only be leaving 2-4 weeks before your lease was up anyway. I'm sure your landlord would be understanding since only a short time is left. Wait until you have your financing approved and then tell your landlord. You might be able to negotiate since you will have given them at least 30 days notice. Maybe you could offer to do some work on the apartment such as painting a room or two in exchange. Congrats on making the wise decision to become a homeowner!
2007-07-07 11:14:01 · answer #4 · answered by arkiemom 6 · 0⤊ 0⤋
No there is not any longer a regulation that states in case you're paying for a house you may ruin a hire in an apartment. Your apartment hire is a legally binding contract. you comprehend up front what the size of your hire is. in case you pass forward and purchase a house mid hire, this is going to cost you a hefty penalty to interrupt the hire. maximum landlords require 30-60 days written be conscious jointly as you proceed paying lease. you're then charged 2-3 months lease plus administrative costs in a single lump sum as penalty for breaking the hire early. Breaking a hire is a enormous waste of money. you may communicate on your landlord to confirm how lots this is going to fee you to interrupt your hire.
2016-10-01 02:35:13 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No, you don't have any "right" to just decide on your own to break a lease unless the lease says that you can.
2007-07-07 11:52:37 · answer #6 · answered by Judy 7 · 1⤊ 0⤋
I am currently in the same situation and searching in here also for an answer, if one of us finds the answer, let me know, and I will do the same, thanks, BobS
2007-07-08 00:23:36 · answer #7 · answered by Bob S 1 · 0⤊ 0⤋
Typically Apartments/Landlords will hold you to your contact or lease agreement. I would try to negociate and tell them about your situation before breaking it...You maybe charged fees if breaking your agreement..Let us know if we can get you Pre-Qualified....
Regards,
FinanceyourWay.com
2007-07-07 11:07:54 · answer #8 · answered by Anonymous · 0⤊ 5⤋
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2007-07-07 12:12:21 · answer #9 · answered by financing_loans 6 · 1⤊ 3⤋
yes-but u will lose your bond
2007-07-07 14:23:28 · answer #10 · answered by dreds213 4 · 0⤊ 1⤋