Many tenants call to ask what happens when you break a lease. They want to get out of the lease for various reasons, and it’s important that we go over some things so they know what they’re getting into. If you have a tenant who wants to move before the lease is over, make sure they understand the consequences of breaking a lease.
The Costs of Breaking a Lease
If a tenant wants to move out and there are still six months left to the lease term, that tenant is responsible for the expenses of those remaining six months. That includes rent, utilities, and any other costs associated with the property such as snow removal or lawn care. Advertising and leasing costs associated with finding a new tenant are also the responsibility of the tenant who is breaking the lease. The tenant is only responsible while the property is vacant. Once a new tenant is in place, the tenant who broke the lease no longer has to cover the costs of the property. There will be a leasing fee that the outgoing tenant has to pay, however.
Roommates and Changing Leases
If three people are on the lease and one wants to get off the lease, all parties have to agree in writing to that person being off the lease. If there are two people and one wants off the lease, and both parties agree, we have to make sure that the one remaining tenant is financially qualified to rent on their own.
Westminster Property Management MD: Adding Someone to the Lease
If you want to add someone to a lease, make sure that the new tenant goes through your approval process. There needs to be a background check, a credit check, and a financial review. The process is the same as if you’re screening a new tenant to come into the property.
Westminster Property management Maryland: Owners Breaking the Lease
When an owner wants to get a tenant out of a property before the end of the lease, the tenant must agree to that. It’s in the owner’s best interest to make sure the tenant has housing in place after moving out. This will make it comfortable for the tenant to move out early. If those things aren’t arranged, there could be some issues where the court may have to be involved. A lease is a legally binding contract.
As you’re entering into a lease and figuring out what roommates you’re looking to have with you, these are important things to think about.