 Terminating Lease (by Maggie [MO]) Jul 9, 2008 5:14 AM
 Terminating Lease (by Carolyn [MO]) Jul 9, 2008 5:33 AM
Terminating Lease (by billy button [MA]) Jul 9, 2008 7:13 AM
Terminating Lease (by Virden [OH]) Jul 9, 2008 10:37 AM
Terminating Lease (by Don [MO]) Jul 9, 2008 11:27 AM
Terminating Lease (by Maggie [MO]) Jul 9, 2008 11:31 AM
Terminating Lease (by Maggie [MO]) Posted on: Jul 9, 2008 5:14 AM
Message:
State Specific Question About: MISSOURI (MO)
My tenant is thinking about buying a house and moving out before his lease is up. He is a great tenant but has 7 more months left on his lease. My lease agreement does have a "termination without cause" section.
" Coincidental with or after the expiration of the initial term,either party may terminate this agreement with a written notice 30 days prior to termination date..." I think this means on or after the lease expiration date not before? He signed a one year lease with me and has 7 months left. Do I need to collect for the remaining months from him? Keep his security deposit? Both?
Thank you.
Maggie --24.163.xxx.xxx |
Terminating Lease (by Carolyn [MO]) Posted on: Jul 9, 2008 5:33 AM
Message:
Your responsibility is to do all you can to "mitigate" the damages. You immediately begin to find another tenant. And the current tenant should be very cooperative with this, since it is to his benefit.
As soon as you have another tenant in the unit, the current tenant's responsibility for rent stops. However, he is responsible for rent until that time and for other expenses you have in securing a new tenant.
In my area, the summer is a peak time for finding tenants, so you may be able to find someone very quickly. However, if he is just looking now, you may end up with a vacancy in the late fall. In my area, that is a terrible time to find a tenant.
Be sure to inform the tenant about this - that he is liable for rent until the end of the lease or until another tenant is found.
No matter what happens about when he moves, be sure to comply with Missouri rules about the security deposit. Inform him in writing about when the moveout inspection will be. Then within 30 days send an accounting of the disposition of the deposit. It can be used for damages and also to cover rent he might owe because of his premature move.
--64.12.xxx.xxx |
Terminating Lease (by billy button [MA]) Posted on: Jul 9, 2008 7:13 AM
Message:
if he is leaving during a busy season i would take 1 month rent to close it.if it was during winter here i would take 2 months.if he doesnt pay the month or two i would be looking at court for satisfaction. --208.58.x.xx |
Terminating Lease (by Virden [OH]) Posted on: Jul 9, 2008 10:37 AM
Message:
Start talking with these people as this could be a pipe dream or the real thing and you don't want to destroy communication so that you can time exactly when to list based on what repairs are needed and you will need to get inside to determine that. I would be gentle with them if the place is kept clean and they can keep you up-to-date as their possible deal folds together, maybe they can refer someone to rent from you and you may not even have to do a heck of a lot with advertising and showing, they could have had a guest at xmas party or cookout sometime, you never know what is behind door number 3 until vanna white turns the handle. You can prolly remember from getting your first home it normally takes 90 plus days before the next house is ready add to that prep work they will want to make, you may end up losing nothing at all. --76.241.xxx.x |
Terminating Lease (by Don [MO]) Posted on: Jul 9, 2008 11:27 AM
Message:
About once a year this happens to me. You must "Due Diligence in finding another tenant". This means that you advertise the property, newspaper, internet, signs flyers, etc. Document your efforts and cost. Put all cumminications in writing, send certified mail, be very careful what you say verbally to the tenants. Do not send a move out cleaning/inspection document with any date of inspection, unless the date is in fact the final date the tenants will be responsible for the property. Had a judge not happy about my wife putting a date on the move out document, doing the inspection, tenant did not show up and then want to collect rent past that inspection date. We have a very detailed cleaning/move out inspection document that we use. Your lease language is important. A lot of times people want to save some money and not have an attorney review the lease but then when it comes time to deal with situations like this, saving that money can come back and it is regret time! Hopefully, you will get a document to verfy the tenants renting from you, although the past few years, mortgage companies/brokers have not been doing this and that is a big reason why the problem with housing bad mortgages. You can state in that verification that the tenants have x amount of time left on the lease.Good luck! --97.88.xxx.xxx |
Terminating Lease (by Maggie [MO]) Posted on: Jul 9, 2008 11:31 AM
Message:
Thank you all for your input.
Just told the tenant the consequences and he's decided to stay and finish out his lease.
Appreciate the information for future reference.
Maggie --24.163.xxx.xxx |
Reply:
|
|