i have a one year lease which is ending up end of Jan and I am planning to renew the lease for one more year; if i sign the paperwork and for some reason i cannot continue the lease and I know this on say Jan 20th, what are my liabilities? When I sign the lease I already give one months rent plus deposit also.
2007-12-16 02:52:35 · 4 answers · asked by Gult 1 in Business & Finance ➔ Renting & Real Estate
As soon as you sign the lease you are legally obligated. Some places are kinder than others, and even with those you will most likely lose your deposit and possibly first month's rent. If they wanted they could even force you to find someone else to take up your lease before they will let you get out of it. If I were you I would definitely hold off until you are sure. Try to see if there is a way to reserve the spot or have them hold it until you know.
Good luck
2007-12-16 02:57:33 · answer #1 · answered by Kegger 3 · 1⤊ 0⤋
As soon as you sign the extension to the current lease, or a new lease, it is a binding and legal contract. If you have concerns that you may not want to complete the lease term as agreed, then do not sign any such agreement.
2007-12-16 11:03:50 · answer #2 · answered by acermill 7 · 1⤊ 0⤋
The new lease will not go into effect until the contract date, not when you sign it. Most likely the present lease gives a time for giving notice to vacate the property. If you decide to leave before the new lease goes into effect, but after the time allowed for giving notice, you may have to pay a penalty.
2007-12-16 11:07:01 · answer #3 · answered by harryt62 4 · 0⤊ 2⤋
Once you sign, you have an agreement. You are on the hook. You can back-out but must pay the rent until the owner finds a new tenant.
2007-12-16 10:56:54 · answer #4 · answered by beckoningsubstitutes 5 · 1⤊ 0⤋