Should You Let the Tenant Out of a Lease?
Your tenant comes to you with a request that they need to break the lease. Not something that any landlord wants to hear, but what should you do? Residential leases are usually one year in term. Rarely there is a sound financial reason for not letting a tenant out of a lease. Yes it will be a major inconvenience and you may lose some money, but imagine if you needed to evict them?
That decision depends on the answers to at least the following questions:
- How long will it take to re-rent the property?
- How much time is left on the lease?
- How much is the rent?
- Is the tenant experiencing financial crisis?
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