Terminating your lease early is a serious thing. The first thing you should do is contact us at 801-268-4134 or email us at firstname.lastname@example.org.
According to your Residential Rental Agreement, when you move before the expiration date, all rents for the remainder of the lease become due as of the date you vacate. You can view a copy of your lease by visiting your Resident Portal. However, the homeowner may elect to allow you to terminate the lease early by way of one of the three options below. These options allow the homeowner not to be burdened because of your desire to terminate the lease early. Below are three options of how an early termination may be handled and must be agreed to by all parties in writing.
Option 1: “Status Quo” - Continue to Pay Rent
Continue to pay rent through the remainder of the lease until it expires. You would be responsible for the rent, utilities, and any other expenses and care of the property as if you were living in the home until the last day of the lease term.
Option 2: "No Harm No Foul" - Releasing Property
You are responsible for the rent until we find a new resident to lease the property. Your responsibility for the rent would stop when the new lease begins with the new tenant. You are also responsible for any costs that the homeowner would normally pay to procure a new tenant. Those costs include but are not limited to advertising fees, marketing fees, Releasing Fees (typically seventy-five percent of one month's rent), and the typical costs, such as carpet cleaning and general cleaning as needed. As long as the homeowner isn't financially burdened by your termination of the lease early, then there is no foul. You would still be required to give a 45-day notice, which is attached, and retain possession of the home since you would still be paying rent and utilities on the home until a new lease with a new family has commenced. For example, if someone moves in on March 15th, your responsibility for the rent would cease on March 14th.
You would need to pay the Releasing Fee of 75% of one month's rent at the time you submit your notice to vacate. The security deposit may not be used to cover this fee.
Often finding a new tenant happens quicker than expected, so accommodating a new tenant who wants to move in quickly can be tasking.
Option 3: "Cut and Dry" - Pay Buy-out Fee (Not available for Student Housing)
(This option likely not available September 1 - February 28)
You will pay a Buy-Out Fee equal to 2 months of rent plus an additional $267 to cover the turnover service and terminate the lease entirely and give a 45-day notice in writing. That would terminate the contract and cease any financial obligations that you have to fulfill the remainder of the lease agreement. For example, if you give a 45-day notice now or any time before the end of this month, the effective date is the last day of the month in which you submit the notice to Nestwell. That means that you would owe rent for the full month following the month in which you gave notice. You would also pay a Buy-Out Fee equal to two months of rent and $267 to cover the turnover. By paying the Buy-Out Fee, your obligation for rent would terminate but only once the proper notice has been received and the Buy-Out Fee paid. You would still be responsible for costs of carpet cleaning, general cleaning, and all move-out procedures as stated in your Rental Agreement and the move-out instructions you were provided. The security deposit cannot be used towards your Buy-Out Fee.
Most residents who choose to terminate their lease early go with Option 2 because it's easy for me to find a new tenant as long as you can cooperate in showing the home and is therefore less expensive to you. If vacancy rates are high and/or you’re terminating the lease during the winter, making it more difficult to re-rent a home, then Option 3 is a better route.
Each situation can be unique, so do not hesitate to contact your property manager with any questions.
Please contact us at email@example.com or call us at 801-268-4134