Residential Property Management/Rental Property Help
I was wondering how you handle your tenants when they want to move out due to a need to move to a different state?
We are needing to move from Ohio to Kansas for my husband's job and there is no break lease clause in the rental agreement and we are allowed to sublease the place to someone else (would prefer not to). So how would you handle that? I was told there is no "buy out" and that if we moved out before the lease was up that we would have something to the effect of a "bad rental debt". I don't exactly know what that means or how that would affect us down the line. We have already closed on our house that we have purchased in Kansas and can't stay at the townhouse we're in for the additional 8 months that we would have on the lease by the time we move out.
Any help you can give would be great!
A lease is much like any other debt in that it is an obligation to pay, and of course, it is binding for the agreed upon terms. Think of it this way -- you wouldn't want the landlord to be able to kick you out, or change the rent, any time it wanted to. Similarly, you wouldn't be able to unilaterally break the lease just because your circumstances changed.
If you can't get the landlord to work with you, such as a possible buyout, then if you have the right to sublease that may be your best option. Otherwise, if you just leave, you would be responsible for any rent that accrues up until the point where the space is re-leased. The rental market in most areas is fairly robust, so hopefully you can find a replacement tenant in short order. Best of luck.