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Is this true?

Established Contributor

Is this true?

I was speaking with  realtor, she asked if I was under a lease and for how long and when I told her my lease was signed in May and will be until May 2014 she said that I would most likely be responsible for finding a new tenant if I end up purchasing before the end of the lease. 

 

Is that true? I rent from a real estate comany now. 

Total CL: $40k+
Discover, BOA, GE, Cap 1, Chase, Barclay!
Gardening Start: 04/22/2013

5 REPLIES
Regular Contributor

Re: Is this true?

look at the early termination clause in your lease and see if it says anything about penalties or damages.  Does it say you can reduce your penalty if you provide a new tenant?  Or even mention that? 

 

Typically around here a tenant has to pay a penalty, but not find a new tenant.

Established Contributor

Re: Is this true?

Looking now Smiley Happy

Total CL: $40k+
Discover, BOA, GE, Cap 1, Chase, Barclay!
Gardening Start: 04/22/2013

Established Contributor

Re: Is this true?

There is nothing in there about it.  I will just have to call and ask. 

Total CL: $40k+
Discover, BOA, GE, Cap 1, Chase, Barclay!
Gardening Start: 04/22/2013

Highlighted
Valued Member

Re: Is this true?

My specifically said to break the lease we must pay 2 months rent plus paying back any move-in incentive. Luciky our lease ended at the end of May and we closed mid May.

Regular Contributor

Re: Is this true?

if there is nothing in the lease agreement about it, I don't see how they can say you have to find a tenant.  On the other hand, if you break the lease early, and it provides for an early termination penalty, maybe you can avoid paying it if you already have another tenant lined up.