Yes, Maybe, But Mostly No – Top Five Questions About Terminating Rental Leases.
Gabrielle Kamahele Rhind of Tuscon AZ with KGC Properties LLC shares some of the top questions folks have about ending their leases early.
TIm Francis Realty LLC has had a number of Buckhead & Sandy Springs, GA tenants get "moved" by their companies or "opt" to take the early termination option because they wanted to buy a home or move closer to a school or work.
It's clearly stated in our lease for early termination as 60 days notice and 60 days "penalty rent". We've had 12-15 tenants use this over the last five years. So far, no owners.
Although, on the flip side we do see a rise is some prospective tenants who have had owners terminate early, not renew or get foreclosed on. 2012 will be no exception, interesting times in property management.
Often, I get asked if rental leases can be terminated and security deposits refunded under certain circumstances. Here are the most common questions asked – and the answer:
I’m in the military – can I end my lease at any time? Yes. But you have to have a written military clause addendum to your lease, you still must give 30 day notice, and your move orders must be 90 days or longer and needs to accompany the notice.
Is there a grace period to terminate a residential lease within a certain number of days after signing the lease? No. Unless there is a written agreement that specifically addresses a grace period. For instance, "Tenant may cancel this agreement within two days" in which case a tenant can cancel the lease.
Can I end my lease if I lose my job? No. (Unless there is a written exception.)
Can I end my lease if there is a bunch of crime in the area? No. But, if the landlord misrepresented the property (stating no or low crime area, or misrepresented the property in other ways, then a lease can be ended.) Keep in mind you cannot end a lease because of high crime - but you can for misrepresentation of the property.
What if I am a victim of a crime and I don’t or can’t live in the home anymore – can I end my lease then? Maybe. There is a law that indicates domestic violence crimes are an exception. But being a victim of crimes does not allow one to terminate a lease.
Always get legal advice before you terminate a lease. And often, if you simply discuss your situation with your current landlord – you might be able to work out an arrangement suitable for you both!
Buying or selling Tucson real estate, Mt Lemmon, Tucson bank-owned homes, Tucson rental homes, or Tucson lease option homes? Visit www.KGCPropertiesLLC.com!
This blog is written with my opinions and my opinions are
presented wit
h accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions. Gabrielle Kamahele Rhind - 2011. If you want to reprint parts of this - just email me for my permission: TucsonsRealEstate@gmail.com.
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