Suzana Wade of Locate Property talks about your tenant’s rights and responsibilities. If your tenants are breaking their lease, they may be liable for rent until their new tenancy begins or until the end of the term, whichever occurs first. Keep in mind that if a renter breaks their rental agreement with you before it expires,
Breaking a lease is not something that most tenants want to do, but sometimes it happens. If you are considering breaking your lease for any reason, here’s what you need to know:
– Lease termination fees will vary based on the terms of the original agreement and other factors such as how much notice is required before moving out. Giving your property manager as much notice as possible will help minimize the costs. Communication is your best friend. The more you communicate the less likely there will be down the road.
– Lease termination fees are typically non-refundable and payable in full to cover any losses incurred by your early departure. You will not be able to transfer this fee or apply it towards future rent payments, for example.
– It is important to remember that breaking a lease can have serious consequences on your TICA file. Lease violations are considered to be serious and may result in the termination of your tenancy affect your ability to be approved
– Lease break fees can range from $150-$1500 depending on whether you’re breaking an apartment lease or house rental agreement. If you don’t know how much it will cost where you live, ask us for your current property manager.
The RTA offers a Lease Breaking Calculator to help you estimate the cost.
You can find that HERE