Early Lease Termination

Ending Your Lease Early

At Real Property Management, we understand that circumstances may arise requiring you to move out before your lease term ends. While our goal is to provide clear guidelines for these situations, early termination comes with responsibilities outlined in your lease agreement. Here's an overview of what happens when a lease is terminated early.

Commitment to the Full Lease Term

Your lease is a legal agreement for a set duration, and it's important to honor this commitment. If you decide to leave before the lease ends, the lease outlines specific consequences, including financial responsibilities.

Leaving Before the Lease Ends

If you move out before your lease term ends, notify your manager in writing as soon as possible. Unless your lease documents otherwise, the following applies.

Leaving Prior to Your Lease Expiration

You'll remain fully responsible for rent, charges, and fees through your 60-day notice period, plus an early termination fee equal to three (3) months' rent.

This fee is made up of:

• One (1) month's rent as an early termination penalty, and
• Two (2) months' rent as liquidated damages, which cover vacancy loss, marketing, and re-leasing costs.

If fewer than three (3) months remain on your lease when you give notice, you'll instead be responsible for all rent, fees, and charges due through the end of your lease term.

Example:

If your rent and monthly charges total $1,000 per month, your early termination fee would be:

3 months × $1,000 = $3,000

You would also remain responsible for rent and charges during your 60-day notice period.

Other Ways to End Your Lease Early

Instead of paying the early termination fee, you may be able to pursue one of the options below. In both cases, it's your responsibility to find and present a qualified applicant, and approval is at our discretion based on our standard qualification standards.

• Lease Replacement — Find a qualified applicant to sign a new lease for your unit at a rent equal to or greater than your current rent, for a minimum of 6 months. Once approved, your lease ends and the new lease begins.
• Lease Takeover — Find a qualified applicant to take over the remaining term of your lease. Your security deposit transfers to the new resident, who assumes full responsibility for the rest of the term.

Abandonment

If you leave the property without notice for 15 days or more, this is considered abandonment. The lease may then be terminated, and you will owe a higher penalty than you would if you gave written notice.

Notice Requirement

Even if you terminate early, you are required to provide a minimum of 60 days' written notice of your intent to vacate. Rent and fees will continue to accrue during this notice period.

Failure to Provide Notice

If abandonment occurs without proper notice, you will be responsible for paying rent and other charges for 60 days from the abandonment date, in addition to any applicable fees.

Need Help?

We're here to answer your questions. If you're considering early termination or have any concerns about your lease, contact our office for assistance.

Your Options at a Glance

Early Termination Fee (Lease Buyout)

What You Do

• Provide a 60-day written notice to vacate.
• Pay the early termination fee — three (3) months' rent (one month penalty + two months liquidated damages).
• Remain responsible for rent and charges through the 60-day notice period.
• Sign a Lease Termination Addendum.

What You Get

• Release from liability to pay rent or utilities following move out.

What We Do

• Release you from your liability to pay rent and utilities.
• Return your security deposit less move-out costs.

Lease Replacement

What You Do

• Provide a 60-day written notice to vacate.
• Find a qualified applicant to sign a new lease (rent at or above your current rent, minimum 6-month term).
• Sign a Lease Termination Addendum once the replacement is approved.

What You Get

• Release from liability once the new lease begins.

What We Do

• Review and approve the replacement applicant.
• Start a new lease and release you from yours.
• Return your security deposit less move-out costs.

Lease Takeover

What You Do

• Provide a 60-day written notice to vacate.
• Find a qualified applicant to take over the remaining term of your lease.
• Sign the documents needed to transfer the lease.

What You Get

• Release from liability once the takeover is approved.

What We Do

• Review and approve the applicant assuming your lease.
• Transfer your security deposit to the new resident.
• Release you from your lease.

(Certain restrictions apply. Options subject to change without notice. Every option is not always available on every property and is subject to property owner approval.)