I had posted a question :
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.
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I got 3 answers saying that the contract is binding from the day it is signed but one answer below says that the contact is binding from the contract date ie the first day of the new lease; which one is correct?
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 03:20:46 · 4 answers · asked by Gult 1 in Business & Finance ➔ Renting & Real Estate
The contract is binding and enforceable when signed. The landlord wants to have assured income from his property - that's why he made the capital investment. If you vacate before the end of the lease, the landlord is entitled to collect the rent from you until the property is re-rented or until the lease expires. He can't collect rent from both you and a current renter.
Good luck!
2007-12-16 03:31:22 · answer #1 · answered by Ken 7 · 1⤊ 0⤋
If you sign for one more year, then you are under contract for the full year.
It's the SAME contract as you signed before, and you need to consult your lease to see if there is a provition for breaking it.
When a lease is renewed, the NEW LEASE takes the place of the first, and the landlord is under no legal obligation to have the same conditions on the renewal b/c it's a new document.
2007-12-16 04:59:53 · answer #2 · answered by Expert8675309 7 · 1⤊ 0⤋
If the contract says that it is in effect on the date and not the date you sign it, then it is effective on the date that it is stated. The question is, are you going to easily contact the person if you change your mind? You need to ask him those questions. He or she can easily take a vacation and come back a day after the contract took effect.
2007-12-16 03:27:33 · answer #3 · answered by ProArtWork 4 · 0⤊ 0⤋
the contract is binding but it is to your landlords discretion if he/she wants to honor it. see if you can just sign a month to month contract until you are sure you will be staying where you are. most places(if it is an apartment will do it if you explain to them that you will know rather or not you will be there in one month. just talk to the owner or whomever is leasing the property.
2007-12-16 03:31:53 · answer #4 · answered by missyazzy 3 · 0⤊ 0⤋