Ask Experts Questions for FREE Help !
Ask
    AngelicParadox's Avatar
    AngelicParadox Posts: 18, Reputation: 1
    New Member
    		  
    #1

    Mar 28, 2007, 04:36 AM
    Getting out of lease when buying home
    Someone told me that if you purchase a house in the state of Maryland that legally, the landlord has to let you out of your lease. Now of course this seems too good to be true. I have the opportunity to purchase my mothers house in a few months and am trying to do my homework well before hand.

    I did however talk to one of the leasing agents, she said that if I want to terminate my lease early, allI have to do is give them 30 days notice, and within that 30 days they will schedule a settlement conference. From what I understand, the penalty for terminating the lease is usually the amount of two months rent. If I can get away without paying them $1800 I would love to do so.That is more money for the down payment, move, etc. I had no idea the reality of buying a home was so close and just renewed the lease. Anyone ever hear of this law or know if it is for real? I kind of think this property management company is out to get tenants for everything they are worth. Any input would be welcomed.

    Thanks Jayne
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Mar 28, 2007, 05:22 AM
    Hello Jayne:

    Your first instincts are true. Why should a landlord suffer because of that reason? You are liable for the entire lease. However, in most states, landlords are required to mitigate your damages. In other words, he has to try to rent it, and can't just sit around collecting rent from you.

    But, if he can't rent it, and has tried, you'll pay it all.

    excon
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Mar 28, 2007, 06:30 AM
    Yes if he will settle for 2 months, consider yourself lucky and move on. I have "heard" of such, but never found any of the stories true, Most come from real estate people often who want you tomake offers on homes if you are in a lease or from where a landlord was just nice and let you out.
    * there are a lot of nice landlords out there.

    So normally what you are is locked into the terms of the lease, if there is such a clause it will be written into your lease, so get it out and read it.
    Most I would say that a settlement seems very fair compared to what many of the not so nice landlords do. ( you will read about them on the posts of others here)
    froggy7's Avatar
    froggy7 Posts: 1,801, Reputation: 242
    Ultra Member
    		  
    #4

    Mar 28, 2007, 05:22 PM
    You know, this question gets asked so often, it might be good to add it to the stickies at the top.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

How to evict renters after buying a home [ 4 Answers ]

I am purchasing my mother in-laws home. I am closing in three weeks. If I close on Feb 28th, is it possible for me to evict my mother in-law's current roommate? She has no lease and has been living there since Nov.-05. Can I kick her out on Feb. 28th?

First time buying a home [ 1 Answers ]

I am a single mother looking to buy my first home any ideas on where to start?

Buying an out of state home [ 1 Answers ]

I will be relocating to NC from VA for my job. I am planning to purchase my first home there. My daughter will need to be there before my relocation. Will it be possible for me to purchase this home while I am still living in VA? I also have a ch. 7 bankruptcy that will be a year old at the...

Buying a home in Washington from Canada [ 1 Answers ]

Hello :) I would like to find out what the costs are when buying a home and Rent it out. I am from Canada and wanted to know what tax implications there may be if I were to buy real estate in Washington or any state in the U.S. Thank you..

Selling home/buying home simultaneously [ 8 Answers ]

Real estate agent and the mtg broker she works with want me to refinance loan with them, take equity out of it and buy a townhouse, move into townhouse while maintaining my mtg with my present home while trying to sell it. I called Wamu (my original lender) and questioned him about this and he...

View more questions Search