Many people are excited about the prospect of owning a home, but encounter issues with timing.
This could be from a major life event, financial reasons or most commonly their rental lease isn’t up yet. Luckily, you are NOT trapped — you have options!
Here are 3 of the best options for prospective buyers to get out of their current lease:
Find a Replacement — The best option is to get your landlord’s permission to have someone take over your lease. That way you would just pay rent until the new tenant signs the lease and moves in. There are many great free websites for advertising your rental.
Work with The Seller — If you’re buying a home and can’t find someone to take over your lease, or if you are on a tight timeframe, ask the seller for a credit at closing. This can potentially cover all or part of the cost of breaking your lease, and leave you with more money for a down payment (or in your pocket).
Buy Your Way Out — If these options don’t work, another option is to talk to your landlord and pay the penalty to break your lease outright. Leases vary, so read yours carefully… but this usually involves paying a 2-month penalty. This excludes the security deposit, which should be returned to you as long as there is no property damage.
To get $1,500 towards breaking your lease, attend our upcoming Home Buying Seminar on Monday, May 6 in Arlington.
Topics Covered Include:
- Financing programs
- How to avoid double paying a rent and a mortgage
- How to calculate your budget the right way
- How to craft a winning offer in a highly competitive market
- Finding off-market properties
- Leveraging your equity
- The 4 C’s of Real Estate
Benefits of Attending:
- $1,500 credit toward your new home or toward early lease termination
- 12-month home buy-back guarantee — purchase with confidence!
- Wine and cheese provided
- The first 3 to attend will receive a gift card to Barley Mac restaurant!
This event is hosted by The Keri Shull Team, the D.C. metro’s top producing real estate team. Details are as follows: