Friday, July 16, 2010

Help needed getting out of a bad home rental deal and get into a purchased home or a lease/option deal.?

A friend of mine is currently in a home rental deal and looking for a creative way to get out of it. Getting out of the lease means forfeiting a $2500 deposit plus $1000. The living situation in this area is getting increasingly worse and the owner is unwilling to be reasonable on their pet policy. My friend recently was given a dog and the owner wants $250/month on top of the rent for pet fees plus an additional $500 pet deposit(but was not willing to amend the contract to reflect this, sounds shady).





Is there any way thay they could purchase a house and work out terms to take into account the $3500 they would forfeit by breaking the lease. What kind of terms can be negotiated through a realtor or any perspective seller? They have good credit and have been gearing up to get a house after their lease was up, but that is not for another 6 months.





Thanks in advance for any creative(and legal) ideas you might be able to provide.Help needed getting out of a bad home rental deal and get into a purchased home or a lease/option deal.?
My advice is to check the pet policy before taking on the dog.





How about asking the landlord about the plan to buy a house and how much notice they would require to get out of the rental without penalty? It is unlikely there are any terms in the lease that would void it if your friend purchases a home, it just doesn't work that way.Help needed getting out of a bad home rental deal and get into a purchased home or a lease/option deal.?
Your friend signed a lease and is responsible to fulfill it. If your friend is that deperate to get out, then he should break the lease or ask the owner if he can sublet.





Did your friend's lease state that it allowed pets? It sounds like the owner doesn't want pets in the rental. It's not unusual for an owner to not want pets in their rental. A tenant cannot force the owner to take pets and the owner can charge whatever they want for pet fees. Check your state law and your friend's rental agreement for are limits on pets fees or a requirement for pets fees/deposits are to be ';reasonable';.





I've never heard of a seller specifically covering a buyer's lease break fees, but I suppose there is no harm in asking. A desperate seller may be willing to offer a credit in exchange for a quick closing.

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