This entry was posted on Tuesday, December 4th, 2007 at 9:05 pm and is filed under Apartment Lease. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
There may come a time when you need to get out of your lease before its term is over. Whether this is because you have found a house to buy, have to move quickly or any other reason, knowing how to get out of your lease is vital. If not, you will find yourself stuck paying rent on an apartment that you no longer live in and this will quickly drain anyone’s financial resources.
The first way to get out of your lease is to find out how much it will cost to buy your way out. Many complexes will allow you to pay your way out of a lease before it is over. This practice is for the protection of the complex and their interests. After all, they can’t afford to have apartments sitting empty when they could be making money. Find out from the landlord how much it would cost to get out of your lease and then you can make your decision.
Subletting is another option available to you. If your complex will not let you buy your way out of the lease, or it would simply cost too much money to do so, subletting your apartment may be an option that you find attractive. Care must be exercised within this area, though. Your name will remain on the lease of the apartment, so if your tenant leaves unexpectedly, causes damage to the structure or stops paying rent for some reason, the payments come back to you. It is your responsibility to make sure that you have a reliable, responsible party living in your apartment if you decide to sublet.
January 25th, 2008 at 3:29 pm
I had a lease with a property for 12 months. I never expressed a desire to extend it, I actually went to the office 3 months before the end of my lease to see what the cost would be to break the lease, the same as if I had stayed there I was told. So I kept the apartment until the lease was up. Then when turning in my keys I was told I never gave them notice I was moving out at the end of my lease, so they say I am responsible for 2 more months rent. So a 12 month lease is actually a 14 month lease, just a word of caution for others.
January 30th, 2008 at 1:39 pm
my name is karen i’m curently in a lease with chapelrigde apartments in jacksonville arkansas.i moved in in aug of 07.i’m from chicago I’v been here in jacksonville for 6 months almosts 7.My father is in chicago with conjestinal heart failure and i need to be there with him.how can i get out of my lease in order to go back to chicago to be with my father.