I have apartment lease (12 months) that expires November 2004...I may have to transfer due to job to Florida from southern Colorado... How do I let my landlord know about possible breaking lease...say... 2 months in advance (could be this summer) due to job transfer... will I be liable for the difference between breaking lease to end of lease? How do Landlords handle these when their good tenant breaks lease due to job transfer? How hard will I be able to rent a nice apartment community (in Tampa Bay) (I had my BK7 discharged last year) TIA Tom
THEY MUST MITIGATE THEIR LOSSES...try to rent it A.S.A.P. they can NOT sit on the empty property for 6 months and collect from you!!! You may have to pay one month plus some fees for advertising and cleaning...
Re: Re: Breaking Apt lease due to... Another thing... 3 BR market is very tight around here (meaning alot of people wants 3BR but there's isn't enough 3BR here)... so do I have chance of landlord allowing me to break lease early?
Re: Re: Re: Breaking Apt lease due to... Could you find a SUB-LEASE prospect??? That would make them HAPPY...dump a prospect in their lap...
Re: Re: Re: Re: Breaking Apt lease due to... Since I've never broke a lease before... I do not know how this work? how do I go about finding a sub-lease? how exactly sub-lease works? will I be responsible for anything (e.g. damages, etc..) while sub-lease? TIA Tom
Re: Re: Re: Re: Re: Breaking Apt lease due to... They just take YOUR PLACE on the LEASE... They have to QUALIFY... Then your out of it... Advertise for "TAKE OVER LEASE" if they allow it...
Re: Re: Re: Re: Breaking Apt lease due to... With a sub-lease, you will remain primarily liable. It's kind of like a subject to loan. But if you can get your landlord to agree to allow you to assign the lease, you can transfer your entire leasehold interest to the new tenant. Of course, it works like a regular lease, in that the new tenant must be able to qualify to rent the apt. Assigning a lease is similar to an assumable loan.
Re: Re: Re: Re: Breaking Apt lease due to... Before you do anything, read your lease carefully. It will tell you what the conditions are for breaking it. I've seen some that allow you to break it due to relocation if you provide proof that you are actually relocating (like the forms from your employer or orders for military duty, etc). Sometimes you have to pay an extra month's rent. I've seen some where you pay a portion per month. Or you may pay until they get a new tenant. If the market is tight and they get someone quickly, you may be off the hook. And they may be able to raise the rent, a benefit for them. Sometimes if you give more notice you can break it. If you are working for the same employer and they're paying for the move, see if part of your entitlement is fees for broken leases if you're renting. Many companies pay closing costs, but if you rent they'll pay the lease termination costs. So, look at your lease and talk to your employer, then go from there.
Re: Re: Re: Re: Breaking Apt lease due to... I know that my employer actually suggests that when we enter into a lease, we need to ensure that they put in a provision that allows for this situation. Legally, the landlord could make you pay the rest of the lease if you break it. like suggested, check out the lease and see how you can move forward. obviously if you know that you are going to be moving, i would tell the landlord ASAP. This will make sure that a new tenat can be found for your place.
Re: Re: Re: Re: Breaking Apt lease due to... FWIW, from an apartment complex owner and operator, tell the complex manager of the possibility as soon as possible and be as cooperative as you can. The more you work with them, the more they should work with you (assuming they think you are a good tenant). That would at least work with our approach. We tend to manage things from a "What goes around, comes around" approach and work with tenants with legitimate needs. The landlord stills holds the cards and, although he must mitigate his damages by trying to rent the apartment, you are liable for any of his damages from the broken lease (e.g. lost rent, advertising for that apartment). Therefore, you should continue to make payments (or at least stay in contact with them) so they won't report any amounts to the CRAs. We routinely report amounts owed by ex-tenants to the CRAs via UDF. As others mentioned, read your lease carefully, it is very common to insert a lease breakage fee which would let you out of your lease at any time for the payment of a fee (e.g. 1-2 months rent). If your lease does not specify a fee, ask the manager if you could negotiate some kind of lease breakage fee in return for them absolving you from further obligation under the lease.
