How to Break a Lease When You’ve Purchased a Home
It’s hard to get the dates matched up perfectly. There will most likely be some overlap in time when purchasing a home and breaking a lease. Here’s how to break a lease:
1. Read Your Lease Agreement – Often times, breaking a lease early comes with a penalty. Know what the fee is or your rights for terminating your lease early by reading through the originally agreement you signed.
2. Give Notice – Be sure to give plenty of notice to your landlord or property management company when ending your lease ahead of schedule. Usually 30 days is required but also be sure that you have secured your home before promising to vacate your current one!
3. Be Flexible – A landlord will likely want to get a replacement as quickly as possible. Be as flexible as you can to allow potential new tenants view the property.
4. Move-Out Requirements – Familiarize yourself with the move-out requirements for our property. Be sure to clean and follow all guidelines to ensure you get the appropriate amount of our security deposit back.
Knowing your rights and following the guidelines is key to ensuring your credit score doesn’t take a hit and you don’t lose any unnecessary money. Talk to your landlord over any confusions you might have regarding the process. Go in prepared and knowing that overlap and paying for two properties at once is rarely avoided.