RENTING A HOUSE OR APARTMENT

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Wikipedia, the free encyclopedia

Renting is an agreement where a payment is made for the temporary use of a good or property owned by another person or company. The owner of the property may be referred to as the lessor and the party paying to use the property as the lessee or renter. There is typically an implied, explicit, or written rental agreement or contract involved to specify the terms of the rental, which are regulated and managed under contract law.

Examples include:

  • Renting real estate (real property) for the purpose of housing tenure (where the lessee rents a residence to live in), parking space for a vehicle(s), storage space, whole or portions of properties for business, agricultural, institutional, or government use, or other reasons.
  • When renting real estate, the person(s) or party who lives in or occupies the real estate is often called a tenant, paying rent to the owner of the property, the leasor, often called a landlord (or landlady). The real estate rented may be all or part of almost any real estate, such as an apartment, house, building, business office(s) or suite, land, farm, or merely an inside or outside space to park a vehicle, or store things all under Real estate law.
  • The rental agreement for real estate is often called a lease, and usually involves specific property rights in real property, as opposed to chattels.

Articles Published by Ken Dunn
Dunway Enterprises

House Renting Apartment Renting Rreal Estate Renting Renting Property

Breaking a Lease on a Rental Agreement

Most rental agreements have a section regarding the renter breaking the lease agreement. While there is also likely a section or several sections regarding when the leasing agent can evict the renter, the section on breaking the lease should be of particular interest to those who might be in a position to have to break the lease some day.

Renters should understand these contract terms so they can make an informed decision. Additionally the renter should consider all costs associated with breaking the lease. This includes both financial costs as well as emotional costs.

Understand the Contract Terms:

Renters should review their rental agreement carefully before signing this document. The rental agreement is a legally binding document which should be given proper consideration before entering into the agreement. This is important because understanding these terms will be essential if the need to break the lease becomes a reality.

Rental agreements typically do allow the renter to break the lease but not without some form of penalty. This penalty usually comes in the form of requiring the renter to give a specified amount of notice before the contract is up and also requires the renter to pay a sum of money to break the rental agreement.

A notice of 30 days and a lease break amount equal to one month’s rent are common penalties associated with breaking a lease, however, individual leasing agents may impose penalties which are either harsher or less severe.

Consider the Costs of Breaking the Lease:

As previously mentioned there is typically a fee associated with breaking a lease. This fee is often set equal to one month’s rent. While paying this fee may seem excessive there are some instances in which it is an economically good decision to break the contract even though there is a financial penalty imposed.

Consider the example of a homeowner who is the process or relocating due to a job change. The homeowner may opt to rent an apartment in the new state while the house is put up for sale in the previous state. If the renter enters into a 12 month contract under the supposition that it will take this long to sell the old house and purchase a new house, he may be surprised if his other house sells quickly and he finds a home in his new state rather quickly. This may all occur within a matter of 2-3 months.

The renter has the option to stay in the apartment until the rental agreement nears expiration and then start looking for a home. However, this option runs the risk that the home he previously found will not likely be available. The renters other option is to place a bid on the new house and plan on breaking the lease if he is able to close on the new house. In this case, the renter would be saddled with both a rent and a mortgage for 9-10 months. This will likely be significantly more expensive than the price the renter would pay to break the lease.

Breaking the Lease is Not Always a Financial Decision:

The decision to break a lease is not always completely a financial decision. There are sometimes emotional components which factor into the equation. For example a renter may have only 1-2 months remaining on his rental agreement when he is offered a dream job which will require him to relocate immediately. Although breaking the lease that late in the agreement is usually not financially wise, the renter may make this decision to avoid missing out on a dream job.

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RENTING A HOUSE OR APARTMENT