Early termination of Leas

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Early termination of Leas (by Turbo [IN]) Jul 7, 2017 6:42 PM

Early termination of Leas (by Ken [NY]) Jul 7, 2017 7:44 PM

Early termination of Leas (by Homer [TX]) Jul 7, 2017 9:22 PM

Early termination of Leas (by BRAD 20,000 [IN]) Jul 7, 2017 10:21 PM

Early termination of Leas (by Turbo [IN]) Posted on: Jul 7, 2017 6:42 PM
Message:

State Specific Question About: INDIANA (IN)

The tenant is leaving early on their lease. They paid for July. They have moved out of the house, cleaned it (they say). I have not rented it yet. Have several people I am checking out. I am going to do a walk thru on the house to see if it is clean and to my specifications tomorrow. Having the rugs cleaned next week. My lease reads they pay the rent until we find someone to take over the lease or re-rent it. In this case I want to be done with them after our walk through tomorrow. Since they have paid for July I am ok doing this. How do I word that in a lease release to them they have fulfilled their obligation to me by paying July's rent and I am releasing them from their contract. --98.253.xxx.xxx

Early termination of Leas (by Ken [NY]) Posted on: Jul 7, 2017 7:44 PM
Message:

Why would you release them? you should consider switching to month to month leases if you will just let a tenant out of a lease anytime they want to move --24.25.xxx.xxx

Early termination of Leas (by Homer [TX]) Posted on: Jul 7, 2017 9:22 PM
Message:

Releasing them would be a mistake! I just got $2000 this morning for an etf. They only had 3 months left. Don't release them. They broke the lease. --75.141.xxx.xxx

Early termination of Leas (by BRAD 20,000 [IN]) Posted on: Jul 7, 2017 10:21 PM
Message:

Turbo,

State specific answer:

Everything is negotiable and not everything goes to court.

If it does gonto court judges vary.

TECHNICALLY in Indiana you can require a 30 day notice (did they give this?)

And TECHNICALLY every lease is based on the increment of payment, so if they pay monthly it's a monthly commitment.

"Until it rents" MIGHT get an OK from the judge but the law does not require it.

And no, by law you cannot just keep their deposit too. UNLESS you negotiate that.

All that said here's what I do...

My lease is clear: 60 days notice

AND Early Lease Buy Out Fee. (Calculated at twice the rent amount)

Because I have that WRITTEN in my lease MY judge honors it.

Give them a written statement

STANDARD POLICY $______ Early Lease Buy Out Fee. Resident may pay this one time fee to end the lease early and not be held liable for the remaining months. A 60 day notice is still required.

You can then negotiate anything.

I would give them a release AFTER they pay the buy out fee. I would accept the July rent as their 30 day notice. I would apply any deposit funds remaining after turnover.

Reminder: you MUST mail a written deposit settlement within 45 days of exit.

Don't lose money on move outs and don't give away the store.

People WILL and DO pay the buy out fee

BRAD

--97.35.xxx.xx

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Early termination of Leas

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