Sometimes life doesn’t go as expected: you get offered the role of a lifetime… in another state, your relationship doesn’t last, or you need to move closer to family. Whatever the reason is, it can put you in a predicament if you’re six months into 12-month fixed-term lease. Can you break the lease? And if you do, what are your responsibilities?
Can you break the lease?
The reality may be that you need to leave a lease agreement early, whether it is related to financial, family, relationship or work issues. While the situation is not ideal, how you handle it can be the difference between a huge headache and a smooth transition.
The first thing you should do is inform your property manager or property owner in writing as soon as possible. Let them know the date you plan to depart and why you are leaving. Contact your Fall Real Estate Property Manager and they will provide you with the correct paperwork to complete to get the process started.
How much will it cost?
The cost of breaking your lease will vary and is something to discuss with your property manager or property owner.
You will be required to continue to pay rent until the lease expires or a replacement tenant is found – whichever occurs first. You will also need to pay for a portion of the advertising costs, which your property manager can explain.
Will breaking your lease impact future references?
Rental history and references will make it possible for future property managers or property owners to know you have broken your lease. However, this doesn’t mean you will get a bad review, nor does it mean you will have a red mark next to your name. If you handle your lease break with respect and transparency and make the process as easy as possible, your previous property manager or property owner can still give positive feedback.
Breaking your lease is doable, but it shouldn’t be done lightly and requires you to respectfully meet your role as a tenant. Let your property manager or property owner know as soon as possible to make life easier on both parties. Expect to pay your rent until a new tenant is found and do your research to understand your specific responsibilities. To learn more, please call Fall Real Estate on 6282 8000.
DISCLAIMER: The information on this website is not legal advice. It is intended as a guide only.