Lease Buy-Out : ezLandlordForms

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Lease Buy-Out

Jennifer S

started a topic over 7 years ago

Has anyone ever attempted to pay a tenant to break the lease early? I have a nightmare tenant that has been late 4 months our of the 8 months she has rented from me. I've already received 1 eviction judgement against them for September and October's rent - just waiting on the sheriff to schedule the actual forcible eviction. I also have another eviction hearing for November's rent scheduled for next week. The tenant is trying to get caught up and has refused past offers to break the lease. They made a payment of $800 for September/October, but still owes another $1100 plus another $1550 for November. She has applied for Emergency Assistance from the state and been granted a one time $1500 voucher. But I won't receive that until mid-December. In which case I will have to fly back for a 3rd eviction hearing. Maryland does state that after the 3rd eviction the tenant no longer has a right of redemption - but I have to wait until they are late a 4th time before I am granted that. Her 4th late payment, assuming she doesn't get caught back up, will be in the middle of January. My lawyer already advised me that a January eviction is unlikely because of the weather and low temperatures. Plus - I can't afford to fly from TN to MD every month for eviction hearings. My tenant has the option of using the $1500 towards down payment assistance on another place and I have offered to help her find a place and let her stay a few weeks until she can get moved. She has refused and states that she wants to stay. But between the late fees, court filing fees, lawyers fees and flights back to MD I simply can't afford to have her as a tenant. I'm loosing too much money. I've already sent her a non-renewal notice (her lease isn't up until April) and I want to offer her some kind of buy-out to make moving the better option for her. Something like - I will guarantee I will return her deposit of $1450, waive any past due rent plus give her $1000 of moving money. That, on top of the $1500 grant and she should be coming out ahead on this deal. It sounds kind of one-sided but it costs me $2000 a month to fly back and try to collect $1500 in rent. Has anybody had any luck with buying tenants out of a lease? Any advice on this would be wonderful.

1 Comment

Bea S

said over 7 years ago

I have not experienced this, but If I were in that position I would make sure the tenant knows that they will not be receiving a renewal and that when the lease is up in three months they will not be signing for another term, their best bet would be to take the offer.