Cancelling the Lease within a wekk

[Gracy Josh]

We found a tenant to our single family house in GA, and completed all the formalities like Lease Contract signed, Move in check list completed and signed, Keys handed over to them and all the utilities changed to their name and the Tenant also moved some of the items into the house. After one week of signing the contract they want to back out due to their another property closing issue. No terms has been mentioned in the lease agreement about cancelling within a week or month other than the regular Early Termination details. Please advice how to proceed about this issue.

[Bill S.]

Ok so what are the "regular Early Termination details"? My position is we have a contract. My contract (lease) allows of early termination with the payment of a fee (a specific dollar amount slightly less than 2 months rent). I would tell your tenants, sign this termination agreement and pay the fee and we're done. Just like a cell phone contract. Termination agreement would specify when they would turn over the keys to me. I don't sign the agreement until I have the agreed to funds. Then start marketing to rent. Hopefully you can make some money.

If your "regular Early Termination details" don't include a fee add one for next time. For this time you are in negotiation mode and you must try and minimize the damages (costs to you). You really can't hold them to the lease. The best you would get from a judge is lost rent from the time they move until you get it rerented provided you can prove you worked diligently to rerent. You get nothing for your time and you have all the costs of advertising and collecting as well. Negotiate a parting of the ways and move on.

I would do something like, "Well we have a lease but I'll let you out if you sign this termination agreement." The agreement would be to pay me $1,500 (assuming rent is $,1000) and they are out of the place by 5 pm Friday. If they baulk, remind them they would at a minimum be responsible for rent and utilities until you get it rerent. You are giving them a get out of jail free card.