- a certain number of months advance being given,
- or penalty needing to be paid,
- having to make payments until a new tenant is found,
- the responsibility of finding and securing a replacement tenant falling on you,
- and losing your security deposit.
Posted by Art Of Legend India [dot] Com On 6:55 AM
Getting out of your lease agreement before the term ends can be tricky. Although, one option would be to join the army, because if you signed your lease before you were called to active duty, the federal Soldiers' and Sailors' Civil Relief Act lets you break your lease without a penalty.
If that measure’s a bit too extreme for you, don’t worry there’s still options available to you. This depends very much on the terms of the contract you signed, however, as well as what the specific laws of your state or region are.
Read through your contract carefully. There is no standard rule for how the breaking of a lease is handled in general, so you need to see read what you signed yourself in for. Possible implications, consequences or factors involved in terminating a lease agreement, which your contract would stipulate, include:
However, there are special circumstances where these need not apply to you. For instance, if your landlord is failing to maintain the necessary landlord duties, or to provide a safe, sanitary and liveable environment, you have good grounds for getting out of the lease without any consequences. In some cases, if you’ve suffered a serious blow to your health, you can also get out of your contract. You will have to read up on your specific state or region’s landlord - tenant laws, however, so as to know the correct procedures involved. Following the law by the letter can be the make or break element in your case.
Whatever you do, however, don’t simply skip out high and dry. This will be a serious blemish on your credit record.
If your reasons are personal or circumstantial, such as a divorce or relocation for work, unfortunately you might face more obstacles getting out of your contract, or rather, to shorten the length of due notice, or decrease the penalty fines incurred.
Maximising the potential for a Clean Exit
Give you landlord as much forewarning as possible, so that options can be discussed, and possibly a search for a suitable replacement tenant initiated.
How the situation turns out in part depends on how your landlord wants to go ahead with the matter. Because a lot rides on what his/her decision will be, be sure to maintain a calm, friendly and professional manner at all times.
Make any repairs to the property that is reasonably your duty to do so. If you do have to pay penalties to get out of your lease, it will likely come out of your deposit. However, if you are already forfeiting on your deposit because for other reasons, the amount of money you’d be losing in total would be very high.
Further, this also shows your landlord that you’re still willing to be responsible and considerate in the situation. What else would help would be to offer to find a new tenant yourself, even if not your contractual duty to do so. You might have to end up doing this anyway, but would a good gesture to make the offer first.
Finally, find out if you can sublet. If this option is available to you, you need not worry about getting out of your contract, as you can simply sublet to another tenant until your lease expires. Just make sure you find a suitable tenant, and take the necessary precautions such as running a credit check and following up on references.