First the background, we rented our house from Sept 2008 - Aug 2009 (12 month lease) for $1,100 a month. The renters renewed their lease, but asked for reduced rent. So we created a second 12 month lease from Sept 2009 - Aug 2010 for $1,000 a month. They paid first, last, and a deposit in Sept 2008 (($1,100 x2) + security deposit).
We have the following clause regarding termination:
"If Tenant terminates this lease prior to its ending date, Tenant must give Landlord at lease 30 days' written notice and must pay a lease buyout fee of one month's rent or as otherwise agreed herein. Failure of Tenant to give 30 days' notice makes Tenant liable for up to two months' rent. "
The lease is up Aug 31, 2010. The tenant called and left a message on my husband's cell phone on May 10, 2010 that they were moving out of the area. We got an email on May 16, 2010 that they want to be in their new location by late June (no specific date). So, this is breaking the lease.
What is considered 30 days notice? Move out June 16th?
Do they owe 1 or 2 month's rent as a buyout fee?
Since they paid $1,100 for last in Sept 2008, how does that play out now tha the rent is $1,000 per month?
How does it work when there is a last month's rent and a buyout fee? Do they not pay for June, but cut us a check for the buyout fee?
We're hoping that we can fill the rental, but it's a tough market so we need to make sure that we're covered.
We have the following clause regarding termination:
"If Tenant terminates this lease prior to its ending date, Tenant must give Landlord at lease 30 days' written notice and must pay a lease buyout fee of one month's rent or as otherwise agreed herein. Failure of Tenant to give 30 days' notice makes Tenant liable for up to two months' rent. "
The lease is up Aug 31, 2010. The tenant called and left a message on my husband's cell phone on May 10, 2010 that they were moving out of the area. We got an email on May 16, 2010 that they want to be in their new location by late June (no specific date). So, this is breaking the lease.
What is considered 30 days notice? Move out June 16th?
Do they owe 1 or 2 month's rent as a buyout fee?
Since they paid $1,100 for last in Sept 2008, how does that play out now tha the rent is $1,000 per month?
How does it work when there is a last month's rent and a buyout fee? Do they not pay for June, but cut us a check for the buyout fee?
We're hoping that we can fill the rental, but it's a tough market so we need to make sure that we're covered.