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What suggestions there are if the tenants would like to cancel the contract for an early move out?  What kind of penalties would be fair in this case?  This is NOT a lease termination due to rent default.

1st have him send you a letter stating that he plans on leaving and the last date he will be occupying the property. Make sure he dates and signs the letter…….AFTER you receive his notice, send him a letter that you will accept his Notice to Vacate provided he agrees to pay rent until you find a new tenant, paying 1/2 months rent as penalty, and all expenses (advertising, credit checks, etc) to finds a new tenant. If he agrees, have him sign/date your letter. -----Disclaimer: Since I’ve been answering a lot of questions, I thought I would make the following statement. I’m not affiliated with EZlandlord Forms. I’m just here (not sure how long) to help those that have questions. Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” However, it is up to you to become familiar with Fed/State/Local and Tax Laws. I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance. BTW...check out the Rental Property Organizer at Simp-List.com. Free Trial Download with data. Check out the new $$$$ for 2012