Published by liftdivision
Posted on July 31, 2022
Terminating Lease Agreement Early: A Guide for Tenants
Leasing a property is one of the most common ways of securing a temporary residence. However, sometimes renters find themselves in situations where they need to terminate their lease agreement before its scheduled end date. This could be due to a job relocation, family emergency, or an issue with the property. Whatever the reason, it is important for tenants to know their options and the steps involved in terminating a lease agreement early.
Read on for a guide on how to terminate a lease agreement early.
1. Review the lease agreement
Before taking any steps towards terminating a lease agreement, it is important to review the lease agreement thoroughly. Look for any clause or provision on early termination of the lease agreement. This will help you understand your rights and obligations as a tenant in case you decide to move out earlier than initially anticipated. Note any fees or penalties outlined in the agreement, as these will impact the cost of terminating the lease agreement early.
2. Consult with the landlord
Once you have reviewed the lease agreement and decided to terminate your lease agreement early, the next step is to communicate with your landlord. Explain the situation that necessitates the lease termination and ask for their cooperation. Some landlords may be willing to work out an agreement with tenants, especially if the reasons are valid. However, others may be less flexible and may insist on the execution of the lease agreement as per the terms of the contract.
3. Discuss terms of early lease termination
If the landlord is willing to cooperate, the next step is to discuss the terms of early termination of the lease agreement. This may include the amount of notice required, any fees or penalties, and the return of the security deposit. It is crucial to have these discussions in writing and to ensure the agreement is signed by both parties.
4. Move out and return the keys
Once the terms of early lease termination are agreed upon and finalized, the tenant should move out of the property and return the keys to the landlord. The tenant should also ensure that the property is in good condition and that all rental arrears, fees, or penalties are paid in full.
5. Follow up on return of security deposit
After vacating the property, tenants should follow up with landlords on the return of their security deposit. Landlords may keep the deposit if there is any damage to the property or unpaid fees, so it is important to ensure everything is settled before expecting a full refund.
In conclusion, terminating a lease agreement early can be a complicated process. It is important to have a clear understanding of the terms of the lease agreement and to communicate effectively with the landlord. By following the steps outlined above, tenants can ensure a smooth and amicable early termination of their lease agreement.