offer for tenant to buy out of lease

offer for tenant to buy out of lease by Cindy on June 20, 2012 @20:02

Is it a good idea to offer a tenant to pay a "buy out" (say 2 months rent) of a year lease when a tenant has signed and given a SD, but never moved in? This is not written into the lease, (but I am considering that in the future). How would you handle it? Is there a form for this? I would like to keep the SD, and ask for 2 more months worth of rent. Things move very slowly here.

Tenant gave me 30 days notice that he wasn't coming and asked to break the lease. I had turned away other prospects after we signed but time of year is everything here, so said No, but I will find another tenant ASAP and then release him. I think it will take more time and effort to try to collect rent than it is worth.

What are my options? If he agrees, does the buy out money stop me from re-renting within the time frame of 2 months?

Thank you for your help.

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Re: offer for tenant to buy out of lease by Jake on June 20, 2012 @20:33	[ Reply ]

What you need is a nonrefundable deposit to hold the rental and sign the lease at the date of move in. That way there is nothing to buy out. Make the deposit large enough to keep the applicant bound to your agreement or large enough to cover your trouble if the applicant never moves in.

Re: offer for tenant to buy out of lease by Anonymous on June 20, 2012 @21:17	[ Reply ]

What State are you in???????

Re: offer for tenant to buy out of lease

Re: offer for tenant to buy out of lease by MrDan (Georgia) on June 21, 2012 @01:05	[ Reply ]

You should be aware of Floridas' new 'Early Termination' law as to the correct procedures in doing so. Many landlords are unaware of the new law and have found out the hard way. Florida Statute 83.595 (4) Section 4 of 83.595 reads as follows:(4) Charge liquidated damages, as provided in the rental agreement, or an early termination fee to the tenant if the landlord and tenant have agreed to liquidated damages or an early termination fee, if the amount does not exceed 2 months’ rent, and if, in the case of an early termination fee, the tenant is required to give no more than 60 days’ notice, as provided in the rental agreement, prior to the proposed date of early termination. This remedy is available only if the tenant and the landlord, at the time the rental agreement was made, indicated acceptance of liquidated damages or an early termination fee. The tenant must indicate acceptance of liquidated damages or an early termination fee by signing a separate addendum to the rental agreement containing the provision. The new law is a bit confusing, but is the result of a class action lawsuit.

Re: offer for tenant to buy out of lease by Cindy (Florida) on June 21, 2012 @10:30	[ Reply ]

Thank you Mr Dan for that info. Very helpful. The current question I have is if I come up with this offer now and the tenant agrees to pay a fee equal to 2 months rent to be released from the lease, then am I breaking any laws by re-renting asap? In other words, if I am paid the fee, can I still move forward with a new tenant and be paid again? One is a fee and the other is rent as I see it- just need clarification from someone more experienced.

Re: offer for tenant to buy out of lease

thank you