August 26, 2016

Terminating The Lease Without Hurting Your Credit

Apartment management firms usually place certain clauses in the lease agreements that they get their tenants to sign which protect the tenants against some situations which require them to break the lease. In fact, these clauses are more to protect those rental apartments themselves than renters. Nevertheless, these clauses can still protect you as well as your credit if you somehow have to break your lease.

Most of the apartments for rent uptown dallas allow people serving in the military to terminate the lease if they can come up with all the documentation which proves that they have to move somewhere out of the area where the apartment is located. In normal leases, it might be stipulated that the renters will still be required to pay for extra 30 days and inform 30 days in advance, but it still allows you to get out of the lease without having to cause any damages to the credit.

In certain apartment communities, there is a fee for lease-break which allows the renters to terminate the lease prematurely without having to blemish their credit. Mostly, this fee equals the rent of one month, and you have to pay it when you break the lease. However, if you had received any specials at the time of moving in, most of the apartment communities may require you to pay them back as you will be getting out of the lease agreement before completing the term of the lease. But you should be ready to pay this amount just to make sure that the credit score that you have long been maintaining doesn’t get hurt.

In times of economic recession, most of the apartment communities put sort of a postscript in the lease agreement they get the renters to sign which state that if one loses the job while still living in the community, they can break the lease and can move out without paying anything regarding lease-break fee. So, all you have to do is to ensure that you give proof of your job termination while you’re still living in that community, and you can simply expect property management to waive off the fee for breaking the lease. However, you will be required to serve 30 days prior notice even in this case. In case if the fee for breaking the lease is the rent of one month, the renter should not argue about it.

In all the situations mentioned above, you’re allowed to break the lease any time you want and can move out without hurting your credit rating at all. You may not even have to pay the fee for breaking the lease as mentioned in the last point. However, keep it in mind that different communities have different rules and exceptions are always there. So, make sure that you abide by all the rules and consider them before you break the lease you have signed with any apartments for rent.