Landlord Question and Answer Forum

I current have a tenant who wants to move out 5 months early on there 1 year lease. There is no buyout clause in the lease but I want to present this as an option. I have a few questions 1) Can I write up a buyout clause without it already being in the lease? 2) Is there any monetary limit on what I can charge for the "Buyout" option?

Q1 -Yes Q2 -No. Both parties must agree.... Consider the following - 1st have tenant send you a letter stating that (s)he plans on leaving and the last date tenant will be occupying the property. Make sure (s)he dates and signs the letter…….AFTER you receive the Notice and accept, send a letter that you will accept the Notice to Vacate provided tenant agrees to the Change of Terms: (1) to pay rent until you find a new tenant, (2) paying 1/2 months rent as penalty, and (3) all expenses (advertising, credit checks, etc) to finds a new tenant. If tenant agrees, have tenant 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

Posted by Bob R, CA on Thursday, February 14, 2013