Posted by: phillipsre | January 27, 2015

Ending a Lease Early – Find Common Terms That Work for Both Tenant & Landlord

apt_for_rentIn most cases, when someone is renting a home or condo, the situation is likely transitional or flexible. In many cases, renters will find themselves in a situation where their work life has changed and they maybe in a position to relocate. Or possibly there is a loss of job or change of relationship that will force renters to find a new place to live. These are common scenarios that both landlords and tenants need to be prepared for. In an ideal world, every tenant would be able to stay through the end of their lease terms, but what happens when life complicates things and moving is inevitable? In this situation, landlords and tenants both need to be aware of their early termination terms and stick with them. This Seattle Times article written by Sean Martin, the director of external affairs of the Rental Housing Association of Washington, outlines a number of different scenarios that may show up with an early termination. The most important thing to remember is to keep the communication between landlord and tenant open and honest from the beginning of the lease and throughout the contract. Landlords need to explain to potential tenants what the consequences will be if the lease is terminated early. In a lot of cases there may be a buy out clause – which means the tenant may have to forfeit their security/damage deposit. Additionally, tenants need to give plenty of advance notice so that a landlord can find new tenants so that no rental income is lost. For more information, click here to understand the potential issues surrounding terminating a lease early.

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