LEASE BREAK!!!!!!!!!!!!!!!!!!!!!!
I am new in the town and have a year contract with Apartment owner( I was dumb, don;t have to do a year contracct). its running on 3rd month now. Unfortunately, I lost the Job and have to terminate the contract to go and share an apartment with other friends (still looking other friends also). I followed the contract documents and found lot of things to be completed if I break the contract.
1. It is mentioned that fine of 85% of rental fee of the month.
2. I need to pay the fee until the apartment is taken by another person.
3. They will update to my credit history.
May be few/many of sajha users are/were running through similar conditions. Can anyone share with me how can I break the lease with minimum loss? I am just wanted to know the "WORST CASE" seanario if I break the contract. What they will do? how its going to affect my credit history? Is the apartment credit is stronger than the bank credit??
Regards
From: Houston
why dont u just put the apt for sub lease on craigslst.. or tell ur landlord about ur situation
I talked to them. They referred me to the contract and told me the same thing that I already mentioned.
Instead of subleasing it, you can transfer the lease to somebody. It is likely that you have to negotiate, for example leave the deposit so that the person taking over your lease will take it with him/her once the lease expires, or agree to pay a part of the rent. Otherwise it is hard to find someone to take over your lease. I am not in a favor of subleasing because if the person does something wrong with the apartment you will be in trouble, but if you transfer the lease, then after the date mentioned in the lease tranfer agreement, you won't be responsible for anything. I did the same thing two months back. I left the deposit with the new tenant. Hope that helps.
Sparty
Usually if you lost your Job, Apartment will consider something. Maybe pay one or two month's rent and break the contract or something.
Only thing you can do is try working with your owner/realtor to bring new tenant ,coz no one can break that contract ,i have been that situation B4 and luckily i got new tenant within a month as owner and i searched together.so best thing is to work with owner .
How risky it would be to sublease the apartment? or if I break the lease will they keep updating my credit until the contract expires? How much strong the Apartment credit is as compared to bank Credit???
Thank you guys.
Tama alu,
As I said earlier, it could be risky to sublease. Better transfer the lease to somebody. And answer to your question "
How much strong the Apartment credit is as compared to bank Credit???" -- I don't know how strong or weak it is, but if you mess with your apartment credit then it is likely that you might not get a decent apartment in future.
So try finding someone who is willing to take over your lease and talk to your aparment manager.
Alternatively, pay the fine. Fine depends on apartment to apartment. Some make you pay two month's rent plus some fees, whereas some require one month's rent plus fees plus two month's notice etc. In some cases I have seen that they make you pay the rent for entire remaining period. So be careful and do not mess with apartment credit.
Last edited: 07-Oct-12 03:16 PM
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