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Sir, I'm very happy for you that you are now in a position to purchase a home...

Reblogger Wallace S. Gibson, CPM
Property Manager with Gibson Management Group, Ltd.

Too many tenants think that their purchasing a home is a GET-OUT-OF-LEASE card and when they think this, I suggest that they have their real estate agent assist them in finding a replacement resident

Original content by Roger D. Mucci

"Sir, I'm very happy for you that you are now in a position to purchase a home, but you do realize that you still have six months on your lease agreement, don't you?"

"Yes, I know your lease agreement states you are required to give a 60 day written notice to vacate, but that doesn't mean at any time during the term of your lease.  What that means is, it needs to be submitted if you are not planning on renewing your lease 60 days prior to your lease end date."

"I understand that you already purchased a home, but let me explain your financial obligations".

  • You must stay current on your rent until you vacate your suite.
  • There is a $200 term fee for early termination of your lease agreement.
  • You forfeit your security deposit on your suite.
  • Rent will be accelerated for the remainder of your lease term and you are still financially responsible until the end of the lease term or until the suite is re-rented and someone else moves in.
  • You will be charged for any damages to the suite other than normal wear and tear.
  • There will also be charges if the suite is not cleaned, including appliances, tub, shower stall, sinks, floors,  etc.

 

"Yes sir, it's all stated in the lease agreement that you signed when you moved in".

 

********************

Make it a great day! 

Please visit my website at www.shakenwithatwist.com or e-mail me at roger@shakenwithatwist.com

Please check out my brother Anthony's website.  

He owns a dog walking and pet sitting service in Fort Lauderdale.  

You, or someone you know may need his services some day.

http://www.dailydogwalkers.com/

Posted by

Wallace S. Gibson is a Certified Property Manager with over 50 years of property management experience and expertise.  She maintains a specialized property management business in Central Virginia serving Albemarle, Greene, Fluvanna and Louisa counties  

LandlordWhisperer

View our available Charlottesville, Albemarle and Lake Monticello rental homes online with photos and floor plans

"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous

 

Comments(9)

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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Seems to me that the home buyer's real estate agent and their lender would have alerted them of the risk of getting into a Contract of Sale without a contingency plan for their rental.

I actually have a situation like this now.  The buyer is in a lease until end November.  However, the rental management company has agreed to advertise the unit beginning May 1.  Since rentals are tight here, we're confident that the unit will be rented before end May. 

If not, the buyers are prepared to pay the rent until it is rented. 

I've never found a buyer who thought that they could just walk away from a lease if they buy.  Oh, wait a minute.  There have been a few that DID walk away from a rental lease.  Guess what??  They couldn't get a mortgage loan until the debt was paid.

Apr 23, 2013 09:08 PM
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Thanks for the re-blog Wallace, greatly appreciated.  I would also suggest that the tenant bring me a qualified tenant to take over their lease, but they had to take it "as is", no work would be done in the suite.  

Apr 23, 2013 09:10 PM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Wallace, why is it that tenants think a lease is a one way protection for them, but not a protection for the landlord? Enjoy your day!

Apr 23, 2013 09:36 PM
David Popoff
DMK Real Estate - Darien, CT
Realtor®,SRS, Green ~ Fairfield County, Ct

Good reblog Wallace, while here in Ct the tenant is responsible for the lease payment if notified the landlord has to do his due diligence in finding a replacement. 

Apr 23, 2013 10:32 PM
Mark Delgado
houses for rent, Solano County & Glen Cove - Benicia, CA
Benicia and Vallejo, Property Management, rental h
Wayne's question is perfect and summarizes a mentality that we come across frequently. We've even had tenants advised by real estate agents with incorrect information!
Apr 23, 2013 10:43 PM
Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Wallace  Unfortunately, both purcgase contracts and leases are no longer "sacred".  

Apr 24, 2013 07:06 AM
Charles Stallions Property Manager
Charles Stallions Real Estate Services - Pace, FL
Pensacola, Pace & Gulf Breeze Property Management

Here a tenant can give a 60 day notice at anytime and get out of their lease. What is a lease for then?

Apr 24, 2013 11:22 AM
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Wallace.  It is amazing how few agents ask about the buyer's lease.

Apr 24, 2013 08:36 PM
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Hello Wallace,

Great reblog of Roger's.  I actually had the opposite recently, a tenant asking if their landlord/owner can just sell the house without honoring their lease...reviewing their lease, no - they can't.  This was a big shock to the owner (and yes, they are self-managing instead of using a professional management company).

Apr 24, 2013 10:23 PM
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