How to determine the costs for an early lease termination?
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How to determine the costs for an early lease termination?
I have a signed agreement that if I transfer/relocate my job, I can get out of my lease. It is worded as saying I give 30 days notice, forfeit my security deposit ($300), and pay 1 month’s rent I get out. My concern is this: Payment is due the 5th of each month. If I give a 30 day notice on the 12th of this month, that extends to approximately the 12th of next month. Does “one month’s rent” refer to living there for part of next month or would I have to pay for next month’s rent, then an additional month’s rent on the 12th of next month for the termination of the lease. At the end of the day we are looking at $700 ($400x 1 month’s rent and $300 x 1 security deposit) or $1100 ($400 x 2month rent and $300 x 1 security deposit).Thank
Asked on January 12, 2013 under Real Estate Law, Kansas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Good question. Under the laws of all states in this country, one (1) month's rent with respect to your question would be thirty (30) days running from the 12th of next month (February 2013) which would be the agreed upon penalty based upon what you have written.
I have concerns under the laws of all states that the forfeiture of the security deposit is legal under public policy grounds. Perhaps the forfeiture is only $400.
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