Ask Experts Questions for FREE Help !
Ask

first time home buyer apartment lease

Asked Aug 10, 2012, 08:19 AM — 6 Answers
Hi! My fiance and I have been renting an apartment for 4 years, and are currently in the process of buying our first home. The whole process has moved much faster than we thought it would, and as a result, we're going to be left with a lot of time still left on our lease that we'll presumably need to "buy out".

A friend of mine bought a house a few years ago and told me yesterday that his landlord said first time home buyers were allowed out of the lease without penalty; however, he wasn't sure if it was a legal thing or if his landlord was just being nice.

As soon as he said that, it got me thinking as to whether or not there is such a regulation/guideline/provision/etc currently in place for first time home buyers in this situation? Or is really up to the individual apartment complexes how they want to handle it? I automatically assumed we'd have to terminate the contract as it specifies, but thought perhaps there really was some kind of legal clause we could bring to their attention. (Doesn't hurt to hope, right?)

I really tried my best to find an answer online (which is how I found this site), but there's just SO much information, I keep finding answers in regards to other states, some of the information is outdated, and I'm just plain not sure! I've also asked my real estate agent, and he doesn't think there is but really couldn't say for sure.

Hope you can give me answer one way or the other before I lose my mind searching!

Here are some specifics:
~We live in Montgomery County, Pennsylvania and are staying with the county.
~We're both 26 years old and have never owned a home before.
~We started renting this apartment in 2009.
~We just re-signed for the 4th time right before starting our house-hunting (since we had no idea how long it would take)
~Current lease isn't up until May 31st.
~Lease specifies that, when terminating, you pay 4 months worth of rent if you're in the first 6 months of the lease, or 3 months worth if you're in the last 6 months -- It doesn't clarify any kind of exceptions to this rule though. It also doesn't say one way or the other whether we'll get our security deposit back (are they allowed to keep it? We didn't damage any aspect of the apartment).

Thanks for your help!

6 Answers
smoothy's Avatar
smoothy Posts: 15,494, Reputation: 10703
Uber Member
 
#2

Aug 10, 2012, 09:20 AM
Your friend is blowing smoke......a contract is a contract and the Landlord shouldn't be stuck on the short end every time someone decides to buy a house.

With that said....legally what applies is what is written in your lease.

Personally, I would get the ball rolling ASAP by talking to the building manager. If you can get out with 4 months rent....and be released in writing, consider yourself lucky. Usually you can be held liable for the entire term of the lease....as long as they have been trying but unable to find a new tenant. And in a bad market that is possible in certain areas.
Helpful
Fr_Chuck's Avatar
Fr_Chuck Posts: 72,597, Reputation: 37026
Expert
 
#3

Aug 10, 2012, 09:39 AM


no such law, your friend may have just been lucky and had a nice landlord.
If you have lived there a long time, if they life you, normally a private owned rental, not one operated by management company.

But they do not have to let you out

you can always ask
Helpful
shortie1130's Avatar
shortie1130 Posts: 2, Reputation: 1
New Member
 
#4

Aug 10, 2012, 03:38 PM
Oh ok, I kind of had a feeling that he might have just been lucky. But like I said, it never hurts to ask! You never know what kinds of laws are out there sometimes.

We live in a huge corporate-owned complex and they frankly don't like anyone at all. We absolutely hate living here (hence why we're looking for a house) so I doubt we'll be so lucky.

Thanks for getting back to me so fast though! I appreciate it!
Helpful
ballengerb1's Avatar
ballengerb1 Posts: 25,641, Reputation: 11296
Home Repair & Remodeling Expert
 
#5

Aug 10, 2012, 03:52 PM
You will get your security back unless you damaged the building. They will hold you to paying 4 months rent since you agreed to that when you renewed. You should see if subletting is allowed, this could save you some money if you could get someone else in there
Helpful
ScottGem's Avatar
ScottGem Posts: 58,000, Reputation: 28105
Computer Expert and Renaissance Man
 
#6

Aug 10, 2012, 06:23 PM


After some brief research only military being transferred can break a PA lease without penalty. However PA lease are unusual in that they generally hae early termination clauses. Your lease has higher penalties than normal, though.
Helpful
ballengerb1's Avatar
ballengerb1 Posts: 25,641, Reputation: 11296
Home Repair & Remodeling Expert
 
#7

Aug 10, 2012, 06:49 PM
You can also explore via your agent if the seller is willing to set a closing date further down the calendar.
Helpful

Not your question? Ask your question View similar questions

 
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Add your answer here.

Remove Text Formatting

Undo
Redo
 
Decrease Size
Increase Size
Bold
Italic
Underline
Align Left
Align Center
Align Right
Ordered List
Unordered List
Decrease Indent
Increase Indent
Insert Email Link
Wrap [QUOTE] tags around selected text
Wrap [CODE] tags around selected text
Wrap [HTML] tags around selected text
Wrap [PHP] tags around selected text
Wrap [YOUTUBE] tags around selected text
Notification Type:



Check out some similar questions!

First time home buyer credit and Home mortgage in India [ 10 Answers ]

Hi, I'm in H1b. In 2008 tax return , I claimed my Indian mortgage interest. I bought a home in US in 2009 and claimed first time home buyer credit. But IRS said I'm ineligible to get my first time home buyer credit since last year I claimed home mortgage interest detection. Can I say IRS , the...

First time home buyer tax credit (Own home in foreign) [ 2 Answers ]

I am on an H1B visa and have been working in the US for 4+ years. I purchased a condo in India 2 yrs ago (2007) and got a mortgage (through a bank in India). I make a monthly mortgage payment out of my salary here (I have no other income) to this bank in India. On advice of my tax filers, Last...

Can the apartment lease be signed and buyer rescind lease? [ 1 Answers ]

Person signed lease to apartment and also put in security deposit and roommate decided to back out of lease. Does the 3-day recission apply in the state of Texas?

First time home buyer [ 1 Answers ]

I have bad credit and never owen a home what are my chances?

First Time Home Buyer [ 4 Answers ]

Can you help me buy the house I live in from my parents. I moved into my Grandmothers home with my children after a divorce. My Grandmother has passed away since, and the house is in my Mother and my Aunts name and I pay them rent. I have visited this subject with them and they want to help me out,...


View more Real Estate Law questions Search