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Updated over 7 years ago on . Most recent reply

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27
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Johnathon Griggs
  • Salt Lake City, UT
4
Votes |
27
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Early Lease Termination by Landlord

Johnathon Griggs
  • Salt Lake City, UT
Posted

Bottom line: What do I need to do both legally and personally with tenants in order to terminate a lease early? (I'm simply looking to put my house on the market during early summer.)

I have a property in Central Florida that is currently under lease until August 01, 2016. I would like terminate that lease May 1, 2016 in order to remodel and put it up for sale. Are there any legal documents that I need to be aware of (i.e. required addendums, etc. outside of what my own lease specifies... which doesn't cover this issue)? I have a very good relationship with the tenants (and you couldn't ask for better!) but I'm not sure what the best approach for this would be, this is a first for me.

Appreciate any input!

Johnathon

Most Popular Reply

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1,107
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Adrian Smude
  • Rental Property Investor
  • Plant City, FL
379
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1,107
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Adrian Smude
  • Rental Property Investor
  • Plant City, FL
Replied

let's look at other options.... Have you done the math at how much it's going to cost to fix the place up and sell it?  How much you think you'll be able to sell it for?  Minus hold time while remodel and sell?.. Now that you have that number maybe it's close to what another investor will pay for a rented property with a great tenant?  

Maybe the tenants want to buy it?

As for an answer for your question I think you need to read your lease, some leases say they can be broken with a 30 day notice....

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