Early termination penalty

[Juan M Restrepo]

Hi guys,

I have a rental property with a tenant who wants to break the lease early because they want to buy a home. The property management company who founded me the tenant provided me with a lease and I manage the property. I am trying to understand the early termination penalty.

This is what I get from it (please correct me if I am wrong):

1. A 60 day must be given.

2. The rent for the 2 coming months should be paid.

3. I am assuming the penalty of the 2 months worth of rent is to cover the 60 days for the termination notice.

4. Also another months rent for terminating the lease early.

5. For step 5 I am assuming all the money needs to be send the day of the notice of termination was given? This comes up to a total of 3 months rent when the termination notice is receive?

Hi guys,

I have a rental property with a tenant who wants to break the lease early because they want to buy a home. The property management company who founded me the tenant provided me with a lease and I manage the property. I am trying to understand the early termination penalty.

[Theresa Harris]

@Juan M Restrepo  Based on the wording in the lease, they must give 60 days' notice and pay rent in full for that 60 days.  Then there are the penalties: 2 months' rent (this is on top of the two months mentioned above) and 1 month's rent as an administration fee.  So in short, they have to give 60 days' notice and pay a penalty of 3 months' rent. The penalty is due when they give notice.