Full question:
We own a home and were in the process of moving. Back May 1st we signed a 2 year lease to rent to our neighbors. The lease began June 1st, but the rent was only $1.00 for June and July and then started the regular rent Aug 1st. our reason for doing this was that they are in a lease until July 31st and can not move until that time, but we were able to obtain a security deposit. They have not moved in and even have not done some things they said they were going to do like plant a garden, move their plants etc. About 2 weeks ago my husband and I separated and now feel that we need to sell the house. We have verbally told the neighbors and given them back their security deposit (not sure if they have cashed the check) They are interested in buying the house but unsure if they can qualify. Her 'rich' aunt may help them. However we have spoken with a realtor and she wants a written termination of lease to list the house. Our contract says that for some circumstances we can break the lease and need to give them a deposit back, which we did. They are thinking about signing the termination agreement and I did tell them verbally that I would give them 2500.00 to settle. I have also told them that if they qualified for the house that I would give them a 5,000.00 seller concession at closing. But we need to get the house on the market. Any advice you can give me?
- Category: Landlord Tenant
- Subcategory: Lease Termination
- Date:
- State: Colorado
Answer:
If the tenant is not violating the lease, the terms regarding early termination will apply. Terminating the lease outside the specified conditions will require negotiation between you and the tenants. Typically, tenants will seek compensation for the early termination. It’s advisable to document any agreement in writing, including a release of claims by the tenants, to prevent future damage claims related to the lease. If you cannot reach a resolution, be aware that when a new landlord takes over, the lease usually transfers to the new owner, who must adhere to the existing lease terms.
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