Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. 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 9 years ago,

User Stats

2
Posts
0
Votes
John Mark
  • Las Cruces, NM
0
Votes |
2
Posts

Tenant Wants to Break Lease; What is "re-rent levy"

John Mark
  • Las Cruces, NM
Posted

Hello,
We have tenants that signed a 2yr lease to rent our home in the state of NM. The tenants want to break the lease and move out after only being in the home for 3 months. Our understanding is that in NM, the tenant is on the hook for the entire term of the lease, whether the home is occupied or not, but the landlord needs to take steps to get it re-rented as soon as possible. 

Our lease spells out a "re-rent levy" of 3 months rent for breaking the lease. Is the "re-rent levy" suppose to release the tenant from the contract or do they have to pay the "re-rent levy" in conjunction with the monthly rent still owed under the contract and until either the lease expires, or we re-lease the property? Also, if the tenant is still on the hook for the lease until it is rented again, are they required to continue providing/paying for basic utilities and lawn maintenance or is this what the "re-rent levy" is for? Thanks!