Hi,
Thanks to this group for providing valuable advice on rental properties.
I rented my house three months back. The tenant wants to terminate the lease because they are going to buy a new house. Their offer for the new house has been accepted. The tenant has offered to pay additional rent for 1 month(September) through the rental deposit.
I would like to know how others have handled the situations like this…
Thanks
…mottai
Refer to your lease agreement.
I have one similar incident. According to my tenancy agreement, Tenants are to pay rent till I rent out to new tenants.
Well, that assumes no damages, right? If there are damages that exceed the deposit, what then?
If your lease was based on the California Residential Lease agreement, it should have a clause similar to this.
Under the terms of this Agreement, “Rent” shall consist of all monetary obligations owed to the Landlord by Tenant in accordance with this Agreement. However, the Damage Deposit shall not be considered Rent
Point them at this clause ^.
If they don’t respond favorably, point them at the ‘Tenant Hold over’ clause where hopefully you’ve laid out penalties for being delinquent and not vacating.
It’s best to check your lease first for any early termination clauses and work out a transition plan with the tenant. Inspect the property for any damage and start looking for a new tenant immediately to keep things running.
@hanera @sfdragonboy @druid @donwede123 Thanks a lot for all your responses. My apologies for the late response. Your response is very appreciated.
I worked out a plan with the tenant. The tenant agreed to pay the rent and find another tenant. The tenant lowered the rent by $150/month to get another tenant. The tenant paid the difference in rent for the the rest of the rental period in a one-time payment.
…Thanks