Communicate Termination of Tenancy Early to Avoid Penalties
Though a rental agreement or lease should stipulate what the notification timeline is for terminating a tenancy, certain time frames are standard. In order to avoid possible penalties upon the termination of the tenancy, it is imperative that renters know their rights.
Termination of the Tenancy Clauses
Every lease can vary; however, the law does offer protections for renters in cases where they choose to terminate their rental agreement. Though a tenant can be held responsible for paying the remainder of their lease if they move out early, they must be reimbursed if the landlord rents the property before the effective date of the end of the lease. Meaning, if a tenant moves out with two months left on their lease, the landlord can demand two months of rent. However, if the landlord rents the space immediately, the tenant should be reimbursed for those two months.
Avoiding Termination of the Tenancy Penalties
Given that leases are subject to strict timelines, it is imperative that a renter inform the landlord as soon as possible when considering a termination of the tenancy. This will either give the landlord time to find another tenant or allow the current tenant to sublet the apartment for the remainder of the lease period. Often landlords will forego lease termination penalties if the renter agrees to find someone to move in and sign a new lease.
Although penalties may be included in a renter’s lease agreement as part of a termination of tenancy clause, it is important to either discuss this clause prior to signing or to work with the landlord when deciding to move. When in doubt, it may be helpful to seek legal counsel or request a modification of the lease before signing.