Re: Early lease termination by Landlord - Landlord Forum thread 352379

Re: Early lease termination by Landlord by Garry on May 24, 2017 @13:49

So do as the prospective T requests. Make an addendum to the lease, that spells out a reasonable amount of damages paid by you, to the T, if you ask the T to move out early. As of today, are you PLANNING on having to break the lease early? Why are you not comfortable holding yourself to an equal or higher standard than you do the T ? If you want to try to sell the place in 6 months, just write your lease for only 6 months. I only write M2M leases for all my tenants, starting from day one. That way, either party can get out of their lease, by giving the other just 30 days notice. With M2M leases, I have most people staying 1-5 years before moving out. Besides, a LL can always sell a rented property, but the new owners must abide by the terms of any lease that a T may have with the sellers. So even if you sell the property, and there is still 6 months left on the lease, the new owners, even if they want to live in the property themselves, need to wait out the length of the lease, or BUY OUT the T's lease.

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Re: Early lease termination by Landlord by Pradeep on May 24, 2017 @17:04	[ Reply ]

Thanks. Makes sense. Do you have an addendum or exact verbiage I could use to create the addendum ? I'm just using the forms on this site since I paid for the membership. I'm new to being a landlord so appreciate all the help.

Re: Early lease termination by Landlord by Garry on May 24, 2017 @20:50	[ Reply ]

An addendum can be a separate piece of paper, made in your own handwriting, and signed by both parties. Just reference the lease, dated xxxx, and signed by xxxx and xxxx. It does not have to be in a "form" Whatever you both verbally agree to, can be put on paper, probably in just 4-6 sentences, with numbers included for amounts/penalties, etc.