Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 2 years ago on . Most recent reply

User Stats

13
Posts
3
Votes
Raj Kumar
  • New to Real Estate
  • NJ
3
Votes |
13
Posts

Rental Lease Agreement-How to protect from Renters pulling out?

Raj Kumar
  • New to Real Estate
  • NJ
Posted

Posted this earlier in the wrong forum. Reposting in the correct thread.

I have a unit I am trying to lease. This unit lease start date is in November and I have interested parties who are interested in renting it in November. I am deciding to finalize one of them and are using the standard verbiage for the Lease (inlcuding Lease termination - 60 days notice - X times rent early termination fee etc).

My question was - it is TWO months since the tenants will officially take over the lease. What if they decide anytime between now prior to officially taking over the unit that they dont want this lease and ask to back out? Am i protected by the potential loss of rent due to finding new tenants, spending the time again etc by making them aware that the Lease termination starts as soon as they transfer the Security Deposit and 1st months rent (I will consider this minimum as soon as they sign the lease)?  i am concerned about if they ask something like "Please give us our security deposit etc back - we found another place" AFTER signing the Lease but before the Lease actually starts - that I wont have an option but to give their money back and start the process anew. Can the Lease Termination agreement have a clause that says that their deposits can be forfeited BEFORE they actually move in?

This is in NJ FYI.

Loading replies...