My daughter signed a 1 year lease in Maine for the school year and I cosigned. We now have found out that although she passed everything that her GPA is too low for financial aid and she is on probation for a year. Meaning no funding for school. She will now live at home and take a class or two and go back next year when financial aid will kick in again. Can we get out of the lease?

Can we get out of the lease??Hello M:

Yes, and no. There's going to be a financial penalty, that's for sure... It's really a matter of how much... I don't know what your lease says about notice, but you'd better send WRITTEN notice right now. If she's never moved in, then damage isn't an issue... Once the landlord receives notice he's required to put the property BACK on the market. Until he finds a tenant, you'll be responsible for the rent. He can't just sit on his heels and collect from you, though.. He needs to make a diligent effort at renting it..

Beyond all that, though. You certainly can make him an OFFER of, say two months rent, as liquidated damages. Get it in writing.

excon

I agree with Ex, you are both bound to pay but you can negotiate with the LL to do an early exit. It will likely cost you a few months rent. In many locales you would be required to pay until the LL finds a new tenant, they can not/should not be financially harmed by your situation.