Breaking Your Lease

As the resident you are responsible for making sure the owner does not incur any loss due to your lease break.

As the property manager our job is to help minimize your expenses. The best way to do this is by reducing the time the property sits on the market vacant.

The most important thing you can do if you are going to be breaking your lease is to communicate with us throughout the process. The more notice you can give us the better.

NOTE: This does not change the terms of your rental agreement. Rent is still due on the 1st and late after the 4th. You will be charged a late fee if payment is not paid on time.

FREQUENTLY ASKED QUESTIONS

• What costs will I incur if I break my lease? Example only.

  You will need to reference your early termination language in your lease agreement. This can be found on page 2 of your lease under section 4. If you do not have a predetermined lease break fee then you are responsible for actual damages. Actual damages includes, but is not limited to.

  1. Lost rent (any rent owed while the property is vacant)
  2. All utilities must remain in your name and be on until the property is rented.
  3. You must reimburse the owner the cost paid to lease the property, this expense is generally 50% of one month’s rent. Please ask for details.
  4. If you received any concessions, credits or discounts at move-in for signing a lease, you must refund those to the owner.
  5. If the property cannot be rented for the same rate, you will be responsible for the difference for the remaining duration of your lease. For example, if you have 3 months left on your lease and the current rent is $1300/mo., if it takes one month to find a replacement resident, but we can only rent it for $1250/mo. a month you would owe $50.
  6. Any expenses beyond normal wear and tear that you would be charged as part of a normal move-out if applicable (see move-out instructions).

• What can I do to minimize my cost?

  Provide us plenty of notice and allow a flexible showing schedule. The more we are able to show the property, the faster we are able to rent the property. Every day the property is vacant costs money.

  In addition, you will also want to leave the property in tip-top condition by following the move-out instructions carefully. If the property is left in substandard condition it could prolong the turnover time which you would be responsible for.

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