Residential Property Management/Rental Property Question

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Question
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 as far as what you know or what you typically do would be great!

Thanks!

Answer
--- Hello Megan,

Of course I must state that I am not a lawyer and I am not licensed to do business in your state. My opinion is that;

1. Owners have mortgages to pay.
2. The Bank who holds the mortgage does not care about them or you.
3. The owner is thus depending on those rent payments, which you signed a lease agreeing to pay. A lease is a binding contract that is valid and used in court many times to sue tenants.
4. The owner could try to rent the place..., but until it is rented you will be liable for those 8 months ...and if it went to court there would be additional Attorney fees and Court Costs often times. This could end up with a professional collection company, who could have wages garnished etc.

Personally, I would try my best to get a renter if I were you, to replace your lease with theirs. At that point you should be out of danger. I get a lot of renters from Craigslist.org as well as MLS Listings etc.

My recommendation seriously, is to talk with your landlord as soon as possible and before you are late on rent. If he or she, will let you find a renter or let you out of your lease with maybe just a month or two of added rent payments....get it in writing!!

Wishing you the best of luck with that, hope it works out weel and a Merry Christmas.

Don Leske Sr. / Landlord
Broker / BCI Properties, LLC
Tacoma, WA

Residential Property Management

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Donald J. Leske II

Expertise

Advocate for Landlord & Tenant Rights. Based in Washington State as a Licensed Real Estate Broker and Property Manager. I am a Landlord but I am not a Lawyer. Ask any question dealing with the rental of residential properties, including; 1. Evictions. 2. Maintenance & repair issues. 3. How to set a fair rental price. 4. When to hire a property manager. 5. Selling and how to determine value. 6. Basic tax questions and Legal issues ok, but most will be referred to a professional in that field.

Experience

I have 30 years experience in Property Management with about 560 clients, plus I own my own Real Estate Brokerage (www.Homesandproperties.com) with expanded experience & training in Short Sales, Foreclosure negotiations and rental property management. I write an informal online Real Estate News Magazine and am a member of NARPM, National Association of Residential Property Managers and have been quoted by News Agencies.

Organizations
NARPM, NWMLS, ABR Certified

Publications
Rated and reviewed Editorials, Advice and short Articles at Trulia, Active Rain and All Experts online.
Trulia.com Advice Contributor
Activerain.com contributor
All Experts contributor

Education/Credentials
ABR Certified, State of Washington Licensed Agent & Broker. Past member of BBB, Chamber of Commerce and Board of Realtors.

Awards and Honors
2003, 2004, 2005, 2006 Presidents Gold Award for high achievement, John L. Scott Realty. - "Shining Star Award" 2006 - 03/04/05/06 All Star of the Year Award for excellence.

Past/Present Clients
See client testimonies at: http://www.bci-properties.com/testimonies.htm

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