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Updated about 10 years ago on . Most recent reply

User Stats

52
Posts
17
Votes
Jon Rusnak
  • CPA
  • Palos Heights, IL
17
Votes |
52
Posts

Lease Termination, Tenant and Landlord Seeking a Middleground

Jon Rusnak
  • CPA
  • Palos Heights, IL
Posted

Hi Everyone - I would love your suggestions - 

Long term tenant ("Tenant") of 5 years has a good working relationship with the property manager ("Manager") of the building Tenant resides.  Tenant requested to terminate the lease and perceived that the Manager agreed to the lease termination for a termination fee of 1 months rent, which Tenant paid.  

There was a misunderstanding in the communication in that that termination of the lease was effective "with a new tenant".  Thereby Tenant would remain responsible for the terms of the original lease until a new tenant was found.  Manager and Tenant mutually agree that there was indeed a miscommunication and are looking for a solution where they could meet in the middle.  A new tenant has not yet been found and the terms under the original lease expire in June of 2016.  What would you propose?

  • Jon Rusnak
  • Most Popular Reply

    User Stats

    437
    Posts
    180
    Votes
    Tyrus Shivers
    • Investor
    • Jessup, MD
    180
    Votes |
    437
    Posts
    Tyrus Shivers
    • Investor
    • Jessup, MD
    Replied

    @Jon Rusnak This is more of a personal opinion based on the relationship between Manager and Tenant. 

    1) Hardline strictly by the written termination agreement..... Tenant pays until new tenant is found.

    2) Flexibility...... Tenant pays 2x rent and is let go.

    3) Very generous..... How quickly does Manager think he can rerent the unit? 2 weeks? If very quickly cut the tenant lose on the 1 month payment since the relationship has always been good.

    4)Misc..... Does tenant know anyone looking for a rental?

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