This is my first time renting an apartment and I'm just curious, when they say 1 year lease, does that mean I actually have to pay for rent for a year? Or if anything comes up(I cant pay my rent for example), then it's my responsibility to find another person to rent it? Just wondering what would happen if I decide to move out or something along those alones happened and it hasn't been a year yet since I moved in.
2007-11-20 00:17:00 · 9 answers · asked by Paul Smith 1 in Business & Finance ➔ Renting & Real Estate
A lease is a binding contract when you signed the document you agreed to stay there for a year. if you move you are still responsible for the remainder of the lease to pay the rent. Most leases will not allow you to sub lease. so you entered in a year contract.
2007-11-20 00:23:28 · answer #1 · answered by Tim O 3 · 0⤊ 0⤋
by signing on the dotted line you agreed to pay them 12 equal monthly installments called rent. If you can't pay your rent then you'll be up the proverbial creek without a paddle. They will demand rent then if you still don't pay they will proceed with eviction procedures, if they do evict you it will show up on your credit along with a judgement for any money you left owing, it will also prevent you from ever renting another apartment with an eviction on your credit. You are obligated to live there for 12 months until the lease expires and at that time you can either renew again or you can vacate. You need to read your lease and the terms of the contract, if you move out then chances are you are liable for the payments thru the end of the lease or a substantial penalty for vacating early. Most leases will not allow you to "sublease, sublet or Assign" your lease if you cannot pay because the person who would take over your apartment would have to be pre approved by the management company and also have to sign a lease.
these are all things you needed to ask BEFORE signing a legal binding contract.
2007-11-20 00:44:01 · answer #2 · answered by Weimaraner Mom 7 · 0⤊ 0⤋
First of all:READ YOU CONTRACT. You will find everything there. Of course you are responsible, that's why it's a one year lease. Most have something about subleasing so you might not be able to move someone else in, plus what if that person doesn't pay the rent and the eviction will go on YOUR record (which is really, really bad). If you have to move you need to work it out w/ the landlord and ask them how to get out. You may have to pay a large fine. The agreement you signed will explain all that, go ask the manager for a copy.
2007-11-22 17:36:45 · answer #3 · answered by BeeBee 1 · 0⤊ 0⤋
You are responsible for the entire term of the lease. If you break the lease the landlord can and will hold you responsible for any losses he suffers up through the expiration date of the lease.
If the landlord places a new tenant who pays the same or greater rent that you did, your liability stops once the new tenant starts paying rent. If he cannot find a tenant to pay the same rent, you're responsible for any shortfall through the end of the lease term.
Many landlords will negotiate breaking a lease if you have been a good tenant and have a good reason. And many leases set out in advance what the penalty for breaking the lease is. Read your lease.
2007-11-20 00:39:52 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
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2016-07-19 17:15:57 · answer #5 · answered by ? 3 · 0⤊ 0⤋
My wife and I have rented apartments all of our married life.
This is what we found through our experience:
The thing is different apartment complexes have different rules for this. Your best bet is to ask the leasing office agent these questions. More than likely you have to pay a penalty fee and lose the deposit you gave when you moved in to "break your lease" and move out and stop paying rent before your yearly lease is over. Also it's best to make sure you have in writing that you intend to move out 30+ days before you do, or they can stick you with another month's rent. Some places make you pay up to two month's rent and keep your deposit even with 30 days notice!
You can "sublease" your apartment to someone else to cover the remainder of your lease between when you move out and when your lease is up. But the tricky part is that most of the time you're still responsible for damages they can cause. Usually, even with responsible subleasers, the complex still keeps your deposit. Make sure you get renter's insurance on your apartment if you decide to sublease so you won't have to pay so much for damages they may cause.
Every place is different. Be careful - ask lots of these questions before signing your lease!
2007-11-20 00:24:59 · answer #6 · answered by Mike 3 · 0⤊ 0⤋
A one year lease means that if you break the lease before your year is up, you are responsible to pay the rest of the year. You have the option of subletting your apartment only if the landlord approves and you can find someone to take over the lease. But usually, after a year most apartments go to month to month leases so you can move out at anytime.
2007-11-20 00:28:15 · answer #7 · answered by GirlsDeadMonster 7 · 0⤊ 0⤋
Paul you need to read the lease document you signed. We have no way of knowing, as those laws/rules/guidelines can vary from city to city and state to state.
But if you signed a 1 yr contract, you are liable for 12 full months of rent. If you choose to leave early, chances are they will keep your deposit. But be smart, comply with the legal document you signed. The last thing you need is to start a trend of scamming apartment complexes, the word will get around and you won't be able to rent easily.
2007-11-20 00:40:34 · answer #8 · answered by Anonymous · 0⤊ 0⤋
you would be liable for the rent for the duration of the lease. Read you lease, and what it says.
2007-11-20 00:25:58 · answer #9 · answered by Winters child 6 · 0⤊ 0⤋