Early Termination FAQ
There are a number of life circumstances that can cause a tenant to contact us and ask "what happens if I can't finish my lease term?"
This is called Early Termination and there are no provisions for this in your Lease. Alarca and the owner of the home agreed to rent it to you at the given price based on the agreed upon term of your lease. Had we known at lease signing that you desired a shorter term, we may have not rented you the home or rented it at a higher price. We understand that unforeseen circumstances can occur and there is usually an agreeable method for tenants to terminate their lease early.
When you want to move early and wish to do so in a way that follows the lease agreement and avoids negative consequences, all of the costs of your decision to terminate early must be absorbed and paid by you, not the property owner. This is a simple concept for most to understand. The owner of your rental has no obligation or desire to subsidize your moving costs by absorbing lost rent and other turnover expenses created by your early departure, so all of the financial consequences of your decision to leave early belong to you. Generally this involves the following steps:
- You must provide written notice of your intent to terminate early, including a move-out date.
- Your written termination notice must include payment of the actual costs associated with re-renting your home. These costs vary by property, but include advertising, agency fees, cleaning fees, etc. These fees are typically in the range of 50% - 100% of one month's rent.
- You must continue paying rent each month, until a replacement tenant is found and starts paying rent for you.
- You must continue your utility services after vacating, until a new tenant moves in.
- You must arrange for lawn service after you vacate, until a new tenant moves in.
That's it in a nutshell. Once this is accomplished, you leave with a good rental history, receive your deposit refund, and have completed your lease agreement on good terms.
Frequently Asked Questions
Q: Can I wait until you find a tenant to provide notice?No. We won't initiate any efforts to locate a replacement tenant until / unless we have written notice to vacate with a move-out date.
Q: If I know someone who wants to rent the house, can I refer them to you?A: Yes, of course. They must submit an application and qualify the same as any tenant. You may not market the house though once we begin marketing efforts. You can tell your friends and co-workers about it and try to help find a tenant, but you can't, for example, put your own sign in the yard.
Q: Why should I have to keep paying rent after I move out?That's the agreement you made when signing the lease. Failure to pay rent will represent a default of the lease. Continuing to pay rent allows us to keep sending the owner her monthly proceeds and it keeps you in compliance with your lease agreement and in good standing.
Q: How long will it take to find a new tenant?We normally locate a new tenant within 30 to 60 days, sometimes sooner. But it could also take longer depending on the time of year, market conditions, how well the house shows, and other variables.
Q: What if I only have 2 months remaining on my lease? Can I avoid the additional costs?Yes. If you have less than 3 months remaining on your lease, you're probably better off finishing your lease or paying out your remaining rent in full rather than terminating early. When a tenant pays the final month of a lease term and also notifies us in writing they will be departing by a date sooner than the last day of the lease, we will market the property as available on the earlier date. You will still have to maintain utilities and yard care per your lease agreement through the final day of the lease, but if a new tenant is located and moves in prior to the end of your lease term, you'll receive a rent rebate and will have successfully completed your lease term without having to pay additional fee.
Q: What if I don't want to pay and just decide to leave without giving notice?This is a Default, whereby a tenant simply moves out and stops paying rent. We call this a skip and it results in legal action, damage to the tenant's credit report, and ultimately the account being placed for collection. In other words, the worst financial and credit consequences possible are realized, and the price is paid for years to come.
Charlotte Headquarters106 Langtree Village Drive, Ste 301
Mooresville, NC 28117
O: (704) 900-3354
F: (704) 973-9248