Sunday, November 9, 2014

How to get out of lease when buying a house

Your plans change from time to time.  Today, you're happy to sign an apartment lease and move in there with your friend, boyfriend or girlfriend.  A few months later, you decide that you want to make an investment and buy yourself a house.  Well, all of a sudden it hits you and you realize that you recently signed year long apartment lease with your landlord.  Oops!

How to get out of lease when buying a house

how to get out of lease when buying a houseIf you still have several months on your apartment lease before your lease expires, you should definitely come down to your leasing office and speak with your landlord.  Explain the situation and see if your landlord can get you out of your lease without serious financial damages.  Your landlord will most likely tell you that to avoid breaking your lease and paying early termination fees, you should be able to find a replacement tenant.  

If i'm planning to buy a house in the future, should I sign a 12 month lease?

The answer is clearly no.  You don't want to be stuck in an apartment lease already knowing that 4-5 months down the road, you'll have to move out of it.  Talk to your landlord and see if your landlord would agree to a shorter lease term. This would save you a lot of money down the road.

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