In my previous article I discussed some of the factors to consider in a Lease Agreement, today we are going to take it a bit further, by explaining the process of ending such a Lease Agreement. This is done in two ways:
This article is ideal for both landlords and tenants, as I will be supplying both of the documentation for both parties. Please do be aware that these documentations have not been checked by a lawyer, it is the documentation that I use for my personal investment units.
Which form must be used?
If you are intending on ending a current fixed lease then a Lease Termination Form is what is needed. A 30 Day Notice Form is used when the fixed Lease has already run its time period and changed into a month to month, this is for both the landlord and tenant.
Lease Termination Form
A Lease Termination Form is used when the lease is still in its fixed period of time. Both parties (landlord and tenant) must agree to the terms for the Lease Termination Form to be legal. A landlord/tenant can’t simple just fill in the form and expect the other party to accept it – both parties has to agree.
Tenants if you were to leave without this form, still being within the fixed agreed time period, you will be held liable to continue paying the rent until the landlord are able to find a new tenant to complete the lease period.
Landlords if you were to end a lease earlier, but your tenant are unwilling, you can always try and sweeten the deal. This is often done by giving some financial reimbursement or helping your tenants find a place similar to your rental unit or better. Generally tenants don’t want to live in a rental unit their landlord don’t want them in, it will be your job as landlord to make it worth their trouble.
30 Day Notice Form
A 30 Day Notice Form is used after the fixed period of the original Lease Agreement has expired, thus it has converted into a month to month. A landlord/tenant can supply the other with the 30 Day Notice form, simply giving their required 30 days before the rental unit will be vacated.
I do hope these example documentation help wit your rental units, as I said before these forms have not been checked by a laywer and is only my personal form that I sue for my rental units. However if you like, Mafadi can handle all your rental concerns and issues. Give them a call, they will set you at ease, I’m sure of that.