As a tenant of an apartment or commercial property, you hope to remain in place for the duration of your lease. However, you know that life or business could get in your way at some point.
Negotiating an apartment lease buyout is easier said than done; however, this is far from impossible. By taking the right approach, you can reach an agreement with the landlord and move on with your life. Here are some of the things you need to do:
-- Read the fine print. Depending on your lease, it may have language regarding a buyout clause. This is why you need to read your lease carefully before discussing this with your landlord.
-- Stick to the contract. Although you may not want to do so, sticking with the contract is the best way to buyout your apartment lease without much hassle. Since these terms were agreed upon upfront, neither party should put up a fight.
-- Consider other options. If you are unable to reach an agreement with the landlord, consider your other options. For example, you may be able to sublet the apartment, if permitted by the lease.
It may not always be easy, but the right approach should allow you to negotiate an apartment lease buyout that you can live with.
If you run into any legal issues, it would be in your best interest to speak with a real estate attorney. This way you know which steps to take next, how to avoid additional trouble and what to expect as the process continues to move forward.
Source: The Nest, "What Is an Apartment Lease Buyout?," accessed June 23, 2017