Certain situations can force a tenant to break a lease before its term ends, such as when one is in-between jobs or the property does not meet tenant expectations. And because a lease agreement is a legally binding contract, breaking the lease can be an expensive and challenging process. So, it is crucial to study your options and weigh the consequences before you take the route of breaking your lease.
What's a Lease Agreement?
A lease agreement is a binding contract made between a tenant and his landlord. This contains all the terms included in renting the house, such as the monthly rent and for how long the lease will be in effect.
Leases that concern residential properties are called residential lease agreements. This can come in either verbal or written forms. In most cases, a written lease agreement will be more favorable - especially when legal issues come up.
How to Break a Lease Agreement
This process can be long and expensive, but if you're up for it, here's what you can do.
- Contact your landlord before anything else
Before you go packing your suitcase, make sure you talk to your landlord. You probably need to relocate because of a new job, trying to work out a solution for your financial troubles, leaving due to military reasons, or other valid reasons. Whatever the reason may be, it is important to talk to your landlord first to let him know that there a no options left for you but to end the lease early.
You may offer to help find a new tenant who can take your place or probably sublet it.
- Review Your Agreement
Sometimes, you may need to do more than just having a conversation with your landlord. When things don't go as you expected, you can proceed to review the lease agreement. Most lease agreements come with a break clause, and this is what you should be looking at.
A break clause is that part of the agreement that describes the necessary steps that you and the landlord have to fulfill for the lease to be broken. This provision allows the landlord, the tenant, or both to terminate the lease early. It is important to carefully study this provision in your lease agreement and see if all conditions are met to avoid legal complications.
Read also: Survey Says Almost 65% of US Households Are Confident They Can Pay Mortgage in June
- Determine When to Give Notice
The lease agreement should dictate the rules when it comes to giving notice. You must read and follow these rules properly to avoid problems on your side. You can also find info as to when it is best to send the notice. A typical period is 30-days right before you vacate the premises.
- Meet the requirements
Your documents contain all the conditions required from you to break the lease properly. You will need to abide by what is stated in your lease agreement, such as being up-to-date with your rental payments up to the time when you are leaving or ensuring that all necessary repairs are done.
- Sublet your apartment
If the process is still taking too long for you, consider subletting as your second option if this can help with your situation. Subletting will require you to have another tenant rent the apartment in your place, but remember that the lease is still in your name.
