Re: Tenant wants to break “No Right of Early Termination” lease.

Tiiger wrote:
> Need your opinion.
> 
> I rented my old house in April. The lease was signed for 1 year with
> no early termination clause.  We have the faxed copy from their agent
> with the tenant’s initials on agreeing to “No Right of Early
> Termination”.
> 
> It has been three months and now my tenant wants to break the lease.
> They just want to pay 2 months rent and break the lease. We have
> already paid a months to their agent.
> 
> It is extremely hard to rent this property again, as subdivision added
> a bylaw recently - prohibition on renting. I have only three months to
> rent the property, if not I have to sell it. It would be a loss
> selling my old home in this market. And it is a real pain renting this
> property again. There is a good chance it may not rent.
> 
> Please advice on our course of action,
> 1. Should we legally contend? They have an excellent credit but
> unfortunately is an attorney.
> 2. Or, should we take their payment, and try renting it again and take
> our chances there.
> 
> Thanks!


He is requesting your permission to modify the contract.  Consider your options 
carefully, but be civil.

As you won't be able to rent the property after 3 months pass, when he moves out 
you will have to sell, or move in yourself.  He could move out anyway and skip 
the payments and you'll have to spend lots of $$ on a lawyer and collections all 
the while not being able to rent the place because the moment you do you release 
your claim to rent from him from that date forward.

If you take his cash, you likely can find a tenant if you are willing to go with 
a decent price.  After all everyone who is being foreclosed needs a roof over 
their heads.  May not be a large profit center, but it might get you into a time 
frame when the RE market is going back up.

You also might want to see if the "subdivision" can actually change the rules 
after the fact.  I'm assuming you are talking about a condo.