Commercial Real Estate Investment/Breaking a lease

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Question
Hello, I am currently a college student in Delaware and would like to move into a new apartment, the problem is that my mom sign a 12 month lease 3 months ago, she lives and works in Washington, DC. I would like to know if their is anyway she can break the lease, since I founded other places that offer a much more economical rent that does not require a lease. Hope to hear from you soon, Thank You

Answer
Guillermo

the "short answer" is NO. She signed a lease, she must honour it.

in reality though, landlords know that it will cost money to chase her if she walks from the lease.

the most they can sue for is balance owing, so if you are already there for 3 months, and I assume you paid 1st and last months rent, so theres only 7 months rent they can sue you for.

they have to weigh that against the cost of suing you and the odds that they will get something in return.

I can tell you personally, I never chased tenants. Just not worth it.

HOWEVER they CAN screw up your mothers credit rating even if they cannot collect, so you have to weigh that too.

What I would do is this.... Explain your situation to the landlord. Ask them if they will let you go.

IN some cases maybe they let you go Scott Free, other cases maybe they will let you out with a "penalty" Might cost you a months rent or two, but thats still better than going to court.

depends how your lease is written too. Maybe there is a specific clause in there about early termination of lease. see if there is.

Another thing you can do is see if YOU can find the landlord another tenant. they might let you "assign the lease" to the new tenant - which might help the new tenant in terms of not having to sign a years lease.

Good luck

best, Phil

Commercial Real Estate Investment

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Phil Nicols

Expertise

Legal issues which are specific from state to state.

Experience

Licensed Realtor since 1987, Broker Since 1991. Ontario Canada real estate -- Commercial, investment, leasing, business brokerage

Organizations
Stockwell Realty Corporation

Publications
www.StockwellRealty.com

Education/Credentials
Real Estate Council of Ontario, Registered under the real estate and business brokers act 2002

Awards and Honors
A few from past organizations I belong to. Now with my own company, it's hard for me to give myself awards.

Past/Present Clients
Dealt with both small as well as regional tenants, individual investors to syndications.

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