Getting out of a 12 yr lease in Colorado

General Landlording & Rental Properties
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Getting out of a 12 yr lease in Colorado

Brett Denner
Member since 2019 · 4 posts · 0 votes

Hi, thanks in advance for responding.

I'm currently in month 3 of a 12-month lease and would like to get out of it, however, my lease agreement is extremely short and says nothing regarding how to get out of the lease, only penalties for breaking it. 

I've informed my landlord that I'd like to transfer the lease and am willing to help, he verbally agreed and mentioned he would put up + handle the listing. It's been a month and there is no listing up. I've asked multiple times how it's going and he's said that couple people have applied but all were poor candidates. Not sure how to best deal with this passive-aggressive, lying landlord.

I know that in the case of breaking the lease he is responsible for attempting to re-lease. If I take this one step further, provide a 60 day notice, market the property myself, offer to give up my security deposit and supply him with candidates would that cover my a$$?

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  • Mindy JensenPro Member
    BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
    7y

    Hi Brett.

    Your landlord is required to make a reasonable effort to re-rent the property, once you have vacated it early. You signed a lease stating you'd pay rent for 12 months, so you're on the hook for all the rent until he finds a new tenant. 

    You seem to be making a good faith effort to get it re-rented, I'd keep notes about all the times you contact him and the list of people you send to him. Legally he's not allowed to collect double rent, so once you find someone (or he does) then you'd be off the hook.

    You didn't share why you're breaking the lease early. Is there any way to stay?

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  • Brett Denner
    OP
    Member since 2019 · 4 posts · 0 votes
    7y

    Hi @Mindy Jensenundefined

    That makes sense and good pointer to keep it notes. I've initiated an email chain where he replied and said that the plan works for him. Hopefully, it does. But at least now it's in writing, not only verbal.

    As for why I'm breaking the lease, several reasons, without going into details.

    1. Job issues + expensive lease = shaky situation

    2. Family issues (they are out of state as well)

    3. Financial reasons, related to 1 + 2 as well as my desire to house hack.

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  • Bill S.Pro Member
    Moderator
    Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
    7y

    @Brett Denner The why of breaking a lease doesn't really matter unless the lease speaks to a suitable why. It's business. If you can do the work and find a suitable tenant it might work out ok. You could offer to pay him a flat 3 months rent in advance to let you out of the lease. Get it in writing. I would take that deal. You could also remind him you won't be staying at the end of the 12 months so he will be looking for a tenant then anyway. If you find him one now that would take away his need to do that again in a few months.

    One flag is that you mentioned the lease is "expensive". If it is expensive compared to other similar properties, you will have a very difficult time finding a suitable tenant. 

    Also keep in mind, suitable to a landlord may not be the same as suitable for you. As a landlord I want someone to wants to live there long term, takes care of the property and pays rent on time with no hassles. In reality, you are just looking for someone who can scrape together the rent and security deposit.

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