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Early termination fee

Shana G

started a topic almost 12 years ago

I have a tenant that signed a years lease on the first of January and already wants to terminate the agreement. I have pointed out that they need to give thirty days notice according to the lease agreement and that they are held responsible for any further rent until I am able to get a new tenant. Can I charge an early termination fee?

2 Comments

Bob R

said almost 12 years ago

What happens in early terminations must be spelled out in the Agreement, such as 1 months rent as penalty, advertising costs, rent until a new tenant is found and occupies the unit.

Bea S

said almost 7 years ago

Yes It usually is set up in an agreement how much it would cost. I usually allow it for one months rent to terminate early.