Sticky Early Lease Termination
I'm hoping this lease termination goes ok, but I am a slightly worried.
I currently have a place rented for $2k/month, due each 24th of the month. The tenants have made an offer on a place and want to move out around 12/24.
They notified me of these plans 11/4, which is a week off of the required 60 days notice. The early termination clause requires 60 days notice, and $3k. They tried to negotiate with their sellers, but had to go with an earlier date to get their offer accepted.
Additionally, they "will have to pay the $3k after their house purchases closes". They have paid rent on time for 5-6 months and have $180k/yr income so I don't see a big issue, but it worries me a little.
I believe they have a legal obligation to pay rent (~$500) and utilities for 12/24-1/1, $3k for breaking the lease, in addition to some possible damage from 3 large dogs for which I wish I had the $3k before the inspection and security deposit refund.
I'm going to outline my expectations (due dates, etc.) and see if they want to negotiate at all.
My questions are:
1. Should I collect the $500 rent/utilities for late notice? Have you?
2. When do landlords normally require early termination payment? How flexible should I be?
3. Given that I am a bit worried about some damage to hardwood floors from 3 dogs (saw this the other day when I went to repair) and would prefer to have the leverage of having the security deposit, when should I request payment?
4. Any recommendations about the whole situation? This is my first early lease termination.
Thanks,
Forrest
Most Popular Reply
I also have an early termination addendum (two month's rent) and I worded the lease in such a way that it's not a "monthly rent of $2000" but a "total of $24,000 to be paid by installments due at the first of each month".
But I have yet to collect the early termination fee from one single person. Usually I just eat the security deposit and that's it.