My rental lease is up at the end of January, but i would like to buy a house. I pay 645.00 monthly, would i have to pay for the next 5 months or just pay some kind of estimate to get out. Or should i just wait? Will i mess up my credit by leaving before January?
2007-07-26 09:40:44 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I just did this a year ago. It depends on your lease. Some landlords will let you out of it if you prove that you've purchased a home. I was not this lucky so I timed it that settlement on my home was the end of Sept. and my lease was up the end of Nov. Carrying the mortgage for two months and paying rent sucked but it allowed me time to fix the house up and move things over slowly. If you haven't found a house yet though, you may be in luck. The market is changing. Homes aren't selling as fast. Take your time to find exactly what you want. If you find it before your lease is up, maybe the sellers will wait (maybe they haven't found a house yet and would like a later settlement). If you don't find it before your lease is up, find out if you have to renew for another year or if you can go on a month to month lease. Good luck.
2007-07-26 09:51:05 · answer #1 · answered by geistswoman 3 · 0⤊ 0⤋
If one of my tenants is purchasing a home, and they are needing to break their lease, they are required to pay a 2 month penalty, and their security deposit is forfeited. The reason that we have that in place is to avoid losing tenants before their lease is up. Sometimes people do not realize that even if rent is coming in from other units, losing a tenant can very much hurt the business with mortgages, bills, etc.
More than likely, if there is a penalty, and you pay the penalty your credit will not be effected. You should talk to you landlord, or management company to see what the procedures are for that specific property.
2007-07-26 17:17:18 · answer #2 · answered by Kate 4 · 0⤊ 0⤋
first read your lease - many leases have and "out clause" and if there is one it will detail the $$ penalty for you to break the lease.
second - if there is not an "out clause", then approach your landlord and let him know that you would like to break the lease...he may give you a dollar figure to break it...and he may be understanding. if he does work with you - remember to get it all in writing.
lastly if all else fails you could pay the $645 x 5, give 30 day notice and leave.
will any of the above mess up your credit? no. but leaving without rectifying the situation will.
2007-07-26 16:48:09 · answer #3 · answered by Blue October 6 · 0⤊ 0⤋
This would be addressed in the lease agreement. There are some options to break a lease early, but they usually entail paying a penalty and finding a replacement tenant for your lease term, but check your contract and talk to the management company / landlord.
2007-07-26 16:44:07 · answer #4 · answered by PK 5 · 0⤊ 0⤋
speak w/whom you have the lease through (also read your lease) generally if you have a good reason for terminating your lease early you can w/out damaging your credit, i.e. move for job purpose, death in the family. If that is not possible you can speak w/whom you have the lease w/ and come to a price and agreement, but always be sure to get it in writing!!!!
2007-07-26 17:01:02 · answer #5 · answered by Mother of 2 3 · 0⤊ 0⤋
yup, it can mess your credit up, if the place you stay decide to sue you. but usually you can find ways to get out of the rental agreement, like paying late rent, usually terminates the lease. OR you can offer a fix amount like 30percent of future value of the rent in advanced, or all of the future value of rent in advanced, and by this offer, the leasor must promise in writing to terminate the lease agreement.
2007-07-27 03:30:32 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Circumstances for leaving early, and the related charges are spelled out in your contract.
It will not hurt your credit if you leave early if you pay the charges specified. (This is not "breaking" the lease.)
2007-07-26 16:47:59 · answer #7 · answered by Ted 7 · 0⤊ 0⤋
i just gave 30 day notice, paid one month penalty and repaid the discount they gave me for the one year lease. well worth getting out of that place.
2007-07-26 16:49:18 · answer #8 · answered by Anonymous · 0⤊ 0⤋
A lease is a contract. That should answer your question.
2007-07-26 16:44:04 · answer #9 · answered by Anonymous · 0⤊ 2⤋