Other lease considerations
When it comes to signing a lease or any other legal document, it is important to be prepared for both the expected and unexpected. For example, if you are planning on studying abroad or taking a term off for personal reasons you should be aware of how that will impact you legally and financially when it comes to your lease.
Terminating Your Lease Early
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The very first step to take when you’re considering breaking lease is to thoroughly read your rental agreement. Lease agreements generally include a clause that details fees in the case of early lease termination.
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Tenants are legally responsible for rent until the property is rented again or the lease has expired.
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A voluntary early termination of a lease can occur at any time by mutual agreement of the landlord and tenant.
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Not all landlords offer the option of early termination. If this is the case, and you’re still moving out, you could either continue to pay rent or work out a sublease agreement if allowed.
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Depending on the terms of the lease, you may be liable for the landlord’s reasonable costs of re-renting the property.
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It is strongly recommended that you seek legal advice before terminating your lease early.
Assignments
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If you must terminate your lease agreement early, assigning can occur only with landlord or property manager approval.
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Assignment replaces you with someone new and removes you from further lease obligations.
Subletting
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When you sublet your place, a third party known as a subtenant takes over your lease.
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Before you pursue subletting read your lease agreement carefully because many lease agreements do not allow subletting without permission from the property manager.
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You are responsible for finding this subtenant, and subletting does not release you from the responsibilities of your lease if the subtenant fails to fulfill their obligations.
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If you have roommates, discuss the idea of subleasing just your part of the lease. It is important that your roommates are in agreement. Find out what requirements your current roommate/s have for your replacement. Since they will have to live with this person, you should have them meet and approve your subtenant.
Security Deposit
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When changing assignment or finding a subtenant, there should be some discussion/agreement concerning what portion of the security deposit should be refunded to the departing tenant.
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Most landlords require the security deposit refund be coordinated between the incoming and outgoing tenants.
Next Step: Moving In