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Updated almost 10 years ago on . Most recent reply

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7
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1
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Adam Yellin
  • Rental Property Investor
  • Boston, MA
1
Votes |
7
Posts

Renewal with an out clause

Adam Yellin
  • Rental Property Investor
  • Boston, MA
Posted

So I've got these tenants right now that are perfect but unfortunately are going to lose them at some point as they are trying to buy a house.

They want to see if they can give us 90 days notice moving forward as their lease renewal is coming up. Knowing that the home buying process can take quite some time and they have not yet found a house, I do want them to resign a lease at least through the beginning of next Summer (a better time to find a new tenant). I'm thinking that a clause with the following might make sense:

Tenant agrees to renew the lease at XXXX rent through June 1, 2016. Landlord requires 90 days written notice to terminate lease. Tenant will be required to assist landlord in finding a quality replacement tenant with good credit and references. Tenant will be required to cover rent until replacement tenant occupies the unit.

In Massachusetts, unless the tenant can legally justify breaking the lease, they technically are required to pay till the end of term. I am ok with letting them off the hook if they can replace as they've been good tenants and I bet they have friends that might be interested in renting the place.

Any suggestions on additional terms to include?

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