I'm a new landlord, and would appreciate your input.
My current tenant decided to move out. He switched jobs and his commute doubled. However, his still within the metropolitan area, early termination clause does not apply. He understands that he's responsible for the terms of the lease (exp 05/31/15) unless we re-rent the place.
I have not received written termination notice.
He posted an ad on CL and found a qualified tenant who's ready to move in within a month.
Now, I left with paperwork to clean up. I don't have written termination letter from current tenant, and I have rental application on hand from prospective tenants. I don't want to process this application unless I'm sure that current tenant will hold his end, and moves out on agreed upon date.
What is the proper course of action for me? Please help!
Property is in Montgomery County, MD if it makes any difference.
personally I have a buy out clause in all my leases )check your local laws as I don't operate in me)They can terminate the lease with 60 days notice and a 2 months break lease fee. Once I have the notice "i" advertise and screen the tenant. I show the house and screen the tenant.
The key is you need to the notice. Once you get his terminate notice than you can proceed like it was a normal non-renewal at the end of the lease.
I offer to let tenant break the lease if they remain responsible until I put another tenant into the unit. That means that I would not loose any rental income. It's a win-win. I have never had a tenant have a problem with this agreement. I don't have issues renting my units - usually have a new tenant with 10 days of listing the property.
Note that I put this lease break agreement in writing with my outgoing tenant because I can't legally sign another tenant until the end of the current lease.
I have done this at least 3 times.
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