Cash 1 Blog
How To Get Out of Your Rental Lease
If you live in Las Vegas, Henderson, North Las Vegas or Boulder City, then you know people are moving in and out all the time. It would come as no surprise that your roommate could leave in the middle of the night or while you were at work without any notification. It usually takes time to find a new roommate or a first time renter and if you don't have an emergency fund you could be evicted. So, what do you do now?
Don't Panic and Don't Break The Lease
Your roommate moving out isn't a sufficient reason for your landlord to terminate your lease. In fact, you could be held liable for at least a few months left on your lease. Because there is a law in every state, except New York, your landlord has to take steps to 'mitigate damages'. This means that your landlord or property manager must make a reasonable effort to re-rent the property to avoid excess damages. For example, if you vacated your rental with 5 months remaining on your lease, you have breached the agreement. Your landlord can't legally recover all 5 months of unpaid rent from you, because the Courts will require the landlord to have made a reasonable effort to re-rent the vacated unit. What is reasonable will depend on the circumstances, but a general rule is that a property should be rented out within two to four months.
Find a New Roommate
With many online services available you could get a new roommate. Craigslist or EasyRoommate provide online services to match potential roommates and tenants with available rentals. Utilizing social networks such as Facebook, Twitter, and Google+ to find a roommate can speed up the process and might make it easier to get the right roommate compatibility.
Negotiate With Your Landlord or Property Manager
If you must terminate your lease, the best way to negotiate is with a settlement. You could possibly offer a month of rent up front to cancel your lease. This would save them time and money from having to mitigate damages. It also lets you know the cost up front. Make sure you can afford the amount and that you are comfortable with that amount. Get it in writing as well.
A Las Vegas Payday Loan Can Be A Valid Option
Maybe you couldn't find a new roommate before the rent was due or you don't have all the money for your settlement. Avoid the financial headaches with Title Loans in Las Vegas from CASH 1. They are a fast and convenient way to get $100 to $50,000 in your pocket. You can walk into a store or apply online. Be sure to have a government issued I.D., open checking account and proof of income. Please remember that you cannot be on active duty in the Military.
Joseph Priebe takes pride in assisting audiences with his articles to help them make sound financial decisions.
With over ten years of experience writing financial content his goal at CASH 1 has always been creating engaging and easy-to-digest information for anyone searching for immediate or long-term monetary solutions.
When Joseph is not writing about personal finance, you can find him photographing the Southwest United States with his 4x5 Graflex Crown Graphic camera. He is based in Phoenix, Arizona.