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Updated over 2 years ago on . Most recent reply

User Stats

20
Posts
12
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Chan Park
  • Real Estate Agent
  • Los Angeles, CA
12
Votes |
20
Posts

My tenant bought a house and plan to move out.

Chan Park
  • Real Estate Agent
  • Los Angeles, CA
Posted

Just like the title, my tenant bought a house and plans to move out at the end of the month. Long story short, we have a lease until 05/23. He and his family have been GREAT tenants. Upon renewing our annual lease, he brought up a concern that he could purchase a house in the near future, and I plainly said, "I wouldn't hold you and keep you if you're going to purchase a house." Now just six months into our lease, he notified me that he plans to purchase a house, and will close by the end of the month. 

My question is: "my tenant is willing to give me 200% of rent upfront for breaking the lease early vs. should I make sure he is responsible for payments until I find new tenants? FYI the property sits in a desirable area close to Tesla Gigafactory in Austin, TX. I'm guessing it shouldn't take two full months to rent out the property. Should I take the 200% of the rent upfront or make sure I cover my back and keep him accountable for the lease until I find new tenants? Thank you for your feedback. 
 

  • Chan Park
  • Most Popular Reply

    User Stats

    974
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    637
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    Mason Hickman
    • Real Estate Agent
    • Sandwich, MA
    637
    Votes |
    974
    Posts
    Mason Hickman
    • Real Estate Agent
    • Sandwich, MA
    Replied

    @Chan Park

    Personally, if they have been good tenants, it is a desirable area, and offered you two months upfront, I would probably take it and get it rented out as soon as possible. You already said you told him you wouldn't hold him to it, so it sounds like they are trying to do the right thing by you. Also just request the ability to get in for showings, etc in exchange for breaking the lease. 

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