Property

#Real Estate: How to terminate a residential lease safely

If you’re thinking of ending your lease a little earlier than expected, read on.

A residential lease contract is a rental contract between a landlord and the tenant of the property.

Although ending a rental agreement is possible, it can be costly if you don’t follow the correct procedures.

Here are some tips from Seeff Group properties on how to cancel a residential tenancy agreement:

It is important to understand the nature of your lease since the termination processes differ.

If you have a fixed-term natural lease, you can terminate it by giving the landlord 20 business days’ notice, subject to a reasonable penalty.

However, if you are on a month-to-month lease, the party requesting the termination is required to give calendar months notice. Make sure you have read and understood the terms and conditions of your rental agreement before signing it. Take note of any applicable fees.

Following the correct termination procedure means the owner has no right to withhold your deposit unless there is property damage you have caused during your stay. It is the owner’s responsibility to keep a reserve to cover unforeseen costs if a tenant chooses to leave earlier than expected.

Because the correct procedures were followed when filing the termination request, the landlord is not entitled to reclaim rent for the remaining period of the lease. However, they are entitled to cancellation fees. These fees would include costs such as lost revenue and advertising expenses.

To protect themselves from any problems, landlords are advised to state this clearly in the rental agreement.

Drafting a rental agreement that protects the interests of both parties is one of the many ways landlords can protect themselves against potential loss.

Ensuring that the rental agreement is CPA and RHA compliant is crucial as this can ensure that cancellation penalty issues are dealt with as quickly as possible without any hassle from the renter.

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