Thursday, October 9, 2014

How to Get Out of Lease?

No one really signs an apartment lease for the purpose of breaking it later.  Most people consciously go in and sign a 6-12 month lease knowing that they will be there for that period of time.  
Unfortunately, life is not a straight line and it comes with unexpected surprises, like a new job offer in another state, buying a home or even finding a much cheaper and better deal on apartment lease.  So, that's when a headache begins on finding all the possible way on how to get out of lease.
Breaking your lease due to job relocation
how to get out of lease
Ok, so you got a new job in a totally different state.  The job offer is way too good to pass by and you just have to take it.  Now's the time to really pick up your leasing agreement and see if there's a clause for something like "lease assignment" or clause on "breaking your lease". Usually, there is a provisional clause for renters who are looking to break their lease early and it consists of a two month's rent penalty and/or loss of your security deposit.  It all depends how soon you are looking to get out and how early you're giving this notice to your landlord. Sometimes, if you give a one to two months notice, your landlord might not charge you all that much and would be able to find a replacement tenant on your behalf.    
Unfortunately, most of the time, your landlord will say that it's your responsibility to find a tenant who would take over your apartment lease for the remaining period.  
Do you really want to sublet your apartment?
I don't recommend that you try to sublet your apartment.  This is of course the last resort, but it can be a huge headache in the end.  You see, the difference between a Lease assignment and Sublease is during a lease assignment, you find a tenant who's able to get financially approved and take over your lease. This means, your name will be off the lease completely.  Now, a sublease is when you find someone who gets added to your name on the lease and you simply let someone temporarily reside in your place.  So, what happens when this person trashes your apartment? Guess what, your name will still be on this lease and your apartment landlord will make you responsible and deduct your security deposit, plus add on some other charges.  Not fun, right?  
So, what's the best way to get out of my apartment lease?
The only best way to get out of your apartment lease without any issues with your landlord or having any blemish on your credit report is to find a replacement tenant who's willing to take over your lease in it's entirety.  

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