Expert: Toni Yates - 3/31/2009

Question
I am currently renting a condo in Sterling, VA, this summer I would like to start looking for a house in the same area.  My lease does not expire until Feb 2010, if I find a house that I like before the lease expire.  In Virginia can I terminate a lease early if I purchase a new home? And I am also a first time home buyer, thank you for your help.

DUC

Answer
Hi Duc-
Thanks for your question. Congratulations on wanting to become a homeowner and this is definitely the time to do it! Unfortunately, a lease is a contract and you have contracted to lease the condo until 2/2010 whether you are buying a home (for the first time)or not. It depends on what your lease says but I doubt there's a clause that would let you out for this reason. Your best bet would be to see if you could sub-lease it (have someone take over your lease) it your lease allows or contact the owner or owners' agent and see what you can work out and/or if you have any options. I wish I could give you better news but that's why you should always read everything or seek competent advice before signing any contract. Hope this helps. Best, Toni