Breaking Lease Contract Renting: What You Need to Know
Breaking a lease contract is never an easy decision, but sometimes it is necessary. Whether you are moving for work or personal reasons, or you are unhappy with your current living situation, it is important to know what to expect when breaking a lease. Here are some things to keep in mind:
Read the Lease Agreement
Before you do anything, read your lease agreement. This document outlines all the terms and conditions of your tenancy, including the length of your lease, your rent payments, and any penalties for breaking the lease. Pay particular attention to the section on breaking the lease, as this will tell you what you need to do to terminate your lease early.
Give Notice to Your Landlord
Most lease agreements require you to give notice to your landlord before moving out. This notice period is typically 30-60 days, but it can vary depending on your lease agreement and state laws. Be sure to provide written notice to your landlord, and keep a copy for your records. Make sure you follow the instructions on where to send the notice and how it should be delivered.
Pay Any Penalties and Fees
Breaking a lease early usually comes with penalties and fees. These can include a termination fee, rent payments for the remainder of your lease term, or even a lawsuit. Make sure you understand what you are responsible for before you break the lease. If you are unable to pay these fees, it is best to speak with your landlord and try to work out a payment plan.
Try to Find a Subletter
If your lease agreement allows for it, you may be able to find a subletter to take over your lease. This is a person who will move into your apartment and take over your lease, paying rent and following all of the terms of the lease agreement. This can be a great option if you need to move out but cannot afford to pay the remaining rent on your lease. However, you will still be responsible for ensuring that the rent is paid on time and that the subletter follows all of the rules in the lease agreement.
Breaking a lease contract is a big decision, but sometimes it is necessary. If you are considering breaking your lease, read your lease agreement carefully, provide notice to your landlord, pay any penalties and fees, and consider finding a subletter. With the right approach, you can break your lease without causing undue stress or financial hardship.