If you want to get out of your current lease, the first thing you should do is let your landlord or property manager know. It’s usually never a good idea to move out without first alerting your landlord about what’s going on. Before moving, be sure to read your lease agreement’s rules and conditions surrounding breaking a lease and leaving. Depending on what’s outlined in your lease, your landlord may present you with a few options – but in general, here are some common methods used to get out of rental agreements. If you’ve heard that it’s possible to break your lease early if you can provide proof that you bought a new home, that’s not necessarily true. In most cases, you won’t be able to escape a rental agreement with no consequences just because you closed on a house. Some leases, however, might have something called a home buying clause in the agreement. If your lease includes a home buying clause, it means you can terminate your lease early if you’ve purchased a new home as long as you give your landlord or property manager proper notice.Look For A Home Buying Clause
Not all leases actually include a home buying clause, however. If you’ve reviewed your lease agreement and it doesn’t include this clause, you’ll have to find another way to end your lease early.
Buy Your Way Out
Depending on the rules outlined in your lease agreement, you may be able to “buy your way out” of a lease by paying an early termination fee. The cost of this fee will vary based on terms laid out in your lease, but it’s a good idea to expect to pay a minimum of 1 – 2 months’ rent in addition to an added penalty for breaking the lease.
Remember that you should always give your landlord or property manager proper notice before opting to move and break the agreements made in your lease. If you fail to give appropriate notice – usually 30 days minimum – you may be sued and forced to pay for the remaining months’ rent until your landlord can find a replacement tenant to fill the space. Regardless of whether you give proper notice, you might also lose your security deposit.
Switch To A Monthly Agreement
If you warn your landlord ahead of time that you’re buying a home and will need to move, they may be willing to switch your lease term to a monthly agreement rather than an annual one. With a month-to-month lease, you as the renter agree to stay for a month at a time rather than a full year.
A month-to-month lease, if your landlord agrees to it, can give you more flexibility in when you can move out without incurring extra costs for breaking a lease agreement. Your landlord or property manager may require that you pay more for rent in order to have a month-to-month lease, however.
Explain The Situation To Your Landlord
While simply explaining the situation to your landlord might not always end up being very helpful, it never hurts to try. If you’re honest with your landlord about your intentions to move ahead of time, you might be able to work with them and find a solution that works for both parties.
If you live somewhere with a high demand for housing and your landlord can feasibly find a new tenant quickly, they may be willing to minimize the costs you have to pay for breaking the lease. In other situations, you might be able to switch to a month-to-month lease. Keep communication honest, open and timely – you never know what your property manager or landlord might be willing to work with you on.
Keep Records
Whatever agreement or solution you come to with your landlord or property manager – whether it’s breaking your lease and paying an early termination fee or altering your lease agreement – make sure to always get any changes in writing and hold on to them. It’s important to protect yourself by keeping these important documents close in case you need them in the future – and getting everything on paper can help clarify that you and your landlord are on the same page with everything as well.
