If no written agreement is created during the last six months prior to completion of the contract, the renter can continue to live in the property with the same rent and fees.
For any number of reasons, you may wish to leave the residence before the contract is completed. This isn’t abnormal and isn’t impossible to do. But how easy it is to get out of the contract depends on your relationship with the landlord and their thoughts concerned the matter. One of three situations is likely to occur. The first is the landlord flat-out rejects you requesting to break the contract. You will need to keep talking to them and try to negotiate something as this can just be a negotiation strategy on their part.
The second situation is the landlord grants permission for you to break the contract, but only when someone can move into the residence. This keeps their deposit in the bank for the one- or two-year savings account and also makes sure they don’t lose money due to a vacancy in the property. They may also request you pay for their share of the real estate brokerage fee as a penalty. If this second option exists, you will be paying rent for the residence until a new tenant is found, even if you have moved out. A dishonest landlord might try and rent out the property to a new tenant during this time to collect double rent. To protect yourself in this situation, leave some of your possessions in the residence until a new tenant is found.
The last scenario is where the landlord grants you to break the contract and leave on a certain day, even if a new tenant has not yet been found. You may be asked to pay a penalty, such as an additional month’s rent or the real estate brokerage fee.
If you are planning to leave at the end of your contract, talk with your landlord a few months prior to let them know. This gives them a chance to contact a real estate agent and create a listing for the property. It is standard for agents to provide showing of your residence to potential customers even while you are still occupying the location. If it is messy, they might get upset as this lowers the chance of lining up the next tenants.
No matter which type of contract you have, there will be a deposit. The owner of the property will want to keep that deposit in the bank to gather interest. This means it is in their best interest to line up someone to move into your old home the day you move out as they don’t need to remove the deposit from the bank, but simply use the deposit from the new tenant to pay you your deposit back.
Copyright(c) IBS. All Rights Reserved.
