Fort Myers, FL · Member since 2015 · 37 posts · 7 votes
We recently rented our first long term rental and got a message from our tenant that they had a family emergency and that they needed to get out of the lease after only 4 months. I reviewed the lease which states that they have a buyout fee of two months rent or $3200. Two days later, they told me they have family members interested and are wondering if they can transfer their lease to them given they are qualified. Should I charge a fee to transfer the lease? Should I send a cleaner in between move-in and move-out if they are qualified? What policies do you have? Can I start a new 12 month lease with them or do they need to take over the existing lease terms?
Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
5y
I would give them the option of paying the $3200 or the new family members being added to the lease (with a $3200 or higher deposit.) and tell them they will be responsible if the new tennants don’t pay.
If the new tenants move in, sign a 12 month lease and pay, you’re ahead. If they have a flakey “relative” move in fir a month while they flee the state and the new guy squats in your property, at least you have the $3200 plus the move in rent/security from new tenants.
Sometimes I think landlords/property managers are just like cops. We go through life jaded because we are lied to so often. But sometimes people do exactly what they say they will. So maybe give them a chance.