I haven't used ETF's in years since no one has broken their lease in a long time and we only do annual with no M@M extensions. However, I just had my first ET and while all of our OOP expenses are covered I realized I need to be paid for my time.

My attorney advises 2 months for 1 year lease, 3 months for 2 years, etc. Sounds a little high to me.

What are you using for lease buyouts/ETF's?

NC,

We use a fee calculated by rent x 2.

Residents have no problem with this figure and my judge allows it but that’s his limit.

Check around with the big dog complexes in your area.

I also require a 60 day (2 full calendar months) notice period so some departing residents pay “3 months”.

When a guy is invited to live with his girlfriend he will be driven by hormones and walk over broken glass to get out of his lease.

Don’t be shy.

Thanks for pointing out the 60 day notice, Brad. I was previously using 30 days.

I learned last night that the BIG INVESTMENT MANAGER in town is requiring 2 months notice. Guess what my new lease will say!

I don't have quite 2 months ELTF - probably about 1.75 months. OTOH, I don't have a security deposit, either. I have a move-in fee.

Thanks for the replies. Two months it is.

Ever since we went to annual leases with no M2M extensions we also went with 60 days notice. I send a reminder of notice date with their new rent 75 days before the lease expires.

Another note:

My lease is clear: Early Release Fee $____.

Less dramatic than TERMINATION.

I picked up the RELEASE term from Jeffrey's talks.

RESIDENT MAY END LEASE EARLY

Resident may end this lease before the end date of the lease or any renewal term only with written permission from the owner and only if:

(A) Resident gives owner minimum written notice as defined in the lease end notice procedures, AND

(B) Resident pays owner a minimum early release fee of two months’ rent, plus utilities during the required notice period.

OR,

(C) Resident continues to pay all rent and utilities until the end date of the lease or, Owner secures a new resident to take the place of the current Resident, whichever occurs first. After finding a new resident, the Early Release Fee shall be the minimum equivalent of one month’s rent plus utilities due and payable until such time as a new lease is secured and new resident moves in. In the event of nonpayment of rent when due under option C, Resident agrees to end this Lease under option (A) and (B) above.

RESIDENT MAY END LEASE EARLY

Resident may end this lease before the end date of the lease or any renewal term only with written permission from the owner and only if:

(A) Resident gives owner minimum written notice as defined in the lease end notice procedures, AND

(B) Resident pays owner a minimum early release fee of two months’ rent, plus utilities during the required notice period.

OR,

(C) Resident continues to pay all rent and utilities until the end date of the lease or, Owner secures a new resident to take the place of the current Resident, whichever occurs first. After finding a new resident, the Early Release Fee shall be the minimum equivalent of one month’s rent plus utilities due and payable until such time as a new lease is secured and new resident moves in. In the event of nonpayment of rent when due under option C, Resident agrees to end this Lease under option (A) and (B) above.

Two years ago I had two different renters move out early and I had no no items to cover this in these my least. I called around with the big heavy duty hundred plus unit a

Two years ago I had two different renters move out early and I had no no items to cover this in these my least. I called around with the big heavy duty hundred plus unit a

Two years ago I had two different renters move out early and I had no no items to cover this in these my least. I called around with the big heavy duty hundred plus unit a