There are many different types of lease terms and they have different pros and cons. Here are a few examples... Three Lease Terms to Choose From: 1. Month To Month (M-to-M): Pros: A short term lease allows either party to break the lease with 30 or 60 days notice depending on the lease. Cons: Tenants can break the lease at any time with proper notice. This is a problem if there are definite moving seasons in your areas. Ask … [Read more...]
The Solution to a Broken Lease: The Buy-Out Clause
Tenants breaking the lease was one of my most common "issues" and seem to occur regularly. The default legal language does not allow for any penalty for breaking a lease beyond holding a tenant to the lease until a replacement has been found. The Problem: Landlords, by law, are required to re-list the house and show the house in a good faith effort. I have never lost a day of rent so I was always penalized. It made me very upset that … [Read more...]