I don't quite understand these terms on my contract, can someone please explain it in an easy way:
Unless otherwise prohibited by applicable state law, and management mutually agrees, the Resident may terminate this agreement before the expiration of the original term by:
Paying a lease termination fee of $REMAINDER OF LEASE TERM, such amount being paid by resident as additional consideration to management return for the relinquishment and release by management of any claim it might have against resident for the balance of the rent due under the lease. THis fee is also due to landlord/management should a tenant "skip". or not give a formal 30 day notice.
What does this mean?? I would like to terminate my contract in January, while my actual contract actually is still until the July of next year. Does this mean that I still have to pay the rent from February to July even though I am not living there anymore??
2007-10-25 08:07:05 · 9 answers · asked by ? 1 in Business & Finance ➔ Renting & Real Estate
It means that you agreed to pay your rent through to the end of your lease, and yes even if you are not living there anymore. My boss has a rental apartment and he generally will only charge the tenant through to the end of their lease if he can't get it rented in the meantime. He can usually get it rented before our tenants have to make even another payment, so discuss this with your landlord and maybe you can set up the same agreement.
2007-10-25 08:16:43 · answer #1 · answered by *Almost ready* 5 · 0⤊ 0⤋
Yes, per the lease, you would be required to the amount of rent due through July.
That clause may be unenforcable in some states.
Check your state's landlord tenant laws, as most states require a landlord to mitigate their damages upon a breach of the lease. This means that the landlord must attempt to find a replacement tenant. The landlord cannot just leave the property empty and expect to collect from you.
Also, in many states, it is illegal for the landlord to collect rent from two parties or double dip.
2007-10-25 11:14:16 · answer #2 · answered by ? 6 · 0⤊ 0⤋
If the lease does not have a dollar amount inserted where it says REMAINDER OF LEASE TERM, that's pretty much what they are saying. If they were offering a fee charge allowing you to terminate early, they would have inserted an amount in that area.
They apparently do not offer an early out on your lease contract.
2007-10-25 08:13:05 · answer #3 · answered by acermill 7 · 1⤊ 0⤋
Yes... you would have to pay whatever amount of rent is due from say February until July, however, that is if you do not give your landlord a thirty day notice- meaning that if you wanted to move in January and you already knew what day you wanted to move out on then come whatever the corresponding day is in December you give a thirty day notice basically saying that you would be moving on such and such day... but beforewarned that you will have to pay rent for January... usually it is a prorated amount instead of the whole month...
hope this helps you...
2007-10-25 08:19:47 · answer #4 · answered by Rachel G 2 · 0⤊ 2⤋
It means you will owe him rent for the months remaining on your lease. Maybe try and talk to the landlord. If you can stay there until he gets it rented, he will probably let you off the lease. He is doing that for his own protection. That's what leases are for.
2007-10-25 08:11:45 · answer #5 · answered by Brian C 3 · 0⤊ 0⤋
It sure does! The only way to get out of that is by finding someone to take over your lease. Craigslist and rent.com are good places to put ads.
2007-10-25 08:21:17 · answer #6 · answered by Roland'sMommy 6 · 1⤊ 0⤋
IF YOUR MOVING, THEN YOU HAVE TO PAY THE MONEY YOU OWE THROUGH TO THE END OF YOUR LEASE!
2007-10-25 08:09:34 · answer #7 · answered by Anonymous · 2⤊ 0⤋
yes you ll have to pay
2007-10-25 08:42:06 · answer #8 · answered by Anonymous · 0⤊ 0⤋
do not panic !
2007-10-25 08:09:31 · answer #9 · answered by chat_noir 2 · 0⤊ 0⤋