Early Termination Fee (by Clarence [MD]) Feb 21, 2021 3:57 PM|
Early Termination Fee (by Sisco [MO]) Feb 21, 2021 5:04 PM
Early Termination Fee (by DJ [VA]) Feb 21, 2021 6:29 PM
Early Termination Fee (by Shark [MI]) Feb 21, 2021 7:19 PM
Early Termination Fee (by Ray-N-Pa [PA]) Feb 21, 2021 7:35 PM
Early Termination Fee (by BRAD 20,000 [IN]) Feb 21, 2021 11:44 PM
Early Termination Fee (by 6x6 [TN]) Feb 22, 2021 11:33 AM
Early Termination Fee (by Robert J [CA]) Feb 22, 2021 11:38 AM
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Early Termination Fee (by Clarence [MD]) Posted on: Feb 21, 2021 3:57 PM
I'm new here but have seen a couple of mentions of the Early Termination Fee. We had a military couple that moved early for deployment, so I really don't believe it would have applied.
Would anyone be so kind as to share the specific wording and make a reasonable suggestion as to the amount of the ETF?
So much appreciated.
Early Termination Fee (by Sisco [MO]) Posted on: Feb 21, 2021 5:04 PM
I charge 2X monthly rent. The 30 day written notice on rent due date is a big help in eliminating the mid month/short notice turnover.
"Early Lease Buy Out Fee $______________ Resident may pay this one-time fee to end the lease early and not be forced to pay the remaining months of the lease contract. A written 30 day notice is still required."
If for any reason the signed leaseholder(s) is unable to fulfill the terms of this contract, the leaseholder(s) may choose to either terminate early using the flat fee model or terminate early using the standard policy of being financially responsible for rent and utilities until the property re-rents or until the lease term expires. In order to use the flat fee model the leaseholder(s) must be current with no past due balance owed.
Provisions of the Early Lease Buy Out Fee:
• 30 days written notice is required. (Notice is only acceptable on rent pay dates. Notice will not be accepted in the middle of a month for the current month.)
• Early opt out fee:
• Opt out fee is due prior to the end of the notice period. Opt out fee is due in certified funds only (money order or cashier’s check are the only acceptable forms of payment).
• Security deposit will not be used for the early opt out fee. Security deposit will be held as is customary and refunded per the lease agreement.
• Property is made available during the notice period to show to applicants. Customary notice will be given prior to showings.
• Leaseholder(s) must contact the office for the Early Opt Out Form for signature(s). Form must be returned to the office within 24 hours of receipt.
• IF NO FUNDS ARE RECEIVED FOR PAYMENT OF THE EARLY OPT OUT FEE PRIOR TO THE END OF THE NOTICE PERIOD, THE LEASEHOLDER(S) WILL BE FULLY FINANCIALLY RESPONSIBLE FOR THE LEASE UNTIL THE PROPERTY RE-RENTS OR UNTIL THE LEASE TERM EXPIRES.
Early Termination Fee (by DJ [VA]) Posted on: Feb 21, 2021 6:29 PM
You are correct to think it would not apply to a military member who is leaving because they are deployed.
At least around here, a military exemption clause is standard - to not penalize them for their service - for something out of their control.
HOWEVER, they must furnish you with a copy of their orders, must stay as long as they can (close to their move date), and be moving to a new duty station that is a significant distance away.
Here, a military member can do a PCS & never move from their home, because there are multiple bases nearby. Don't let them misuse the privilege. --68.229.xxx.xxx
Early Termination Fee (by Shark [MI]) Posted on: Feb 21, 2021 7:19 PM
TERMINATION 26. That in the event the tenant wishes to be released from this agreement prior to the ending of the term stipulated in paragraph 1, any expense for re-leasing is to be paid by the tenant, including but not limited to, advertising, cleaning, painting and general preparation of the unit. Furthermore, a releasing fee of Three Hundred Dollars ($300.00) will be assessed. Tenant understands that they remain responsible for the rental payments as outlined in paragraph 2, payment of utilities, and maintenance of the property until such time as the landlord can find a suitable replacement tenant to begin leasing, or the original lease term ends, whichever occurs first.
Early Termination Fee (by Ray-N-Pa [PA]) Posted on: Feb 21, 2021 7:35 PM
Welcome aboard -
Concur with DJ....providing there are PCS orders and those orders are for a location greater than 50 miles away.
It is generally accepted as having a military clause for them to if they transfer. As for ETF clause - you need to have that in the contract before they sign it and not apply it without anyone agreeing to it.
Early Termination Fee (by BRAD 20,000 [IN]) Posted on: Feb 21, 2021 11:44 PM
ELT bin gud to me! Paid for my Porsche 911 in just one year.
Residents actually LIKE it. It gives them freedom to leave when they want. Sometimes their employer pays it. Sometimes we get an envelope with keys and a money order for the 60 days rent ($2000) plus ELT for $2000 = $4000.
Don’t be shy. The apt complexes around you have been doing it for years.
At the advice of a judge I have added ‘...fee as liquidated damages’.
State it as a FEE, not a function of rent.
My lease requires 60 day notice.
Military: the law says they must give 30 days notice and provide a copy of their transfer orders. With that the LL must release them from the lease.
Early Termination Fee (by 6x6 [TN]) Posted on: Feb 22, 2021 11:33 AM
Early Termination Fee (by Robert J [CA]) Posted on: Feb 22, 2021 11:38 AM
I take into consideration why the tenant is moving out early. Are they buying a house? Job transfer? Leaving to take care of a sick family member?
Many times when the weather gets cold, tenants in my beach front property want to leave because they are paying so much rent to be in the warm Southern California Sun.
I want my departing tenants to cover my lost rent and costs. This is why I have a "deposit". They move out and the cost to touch up the place, have it cleaned, advertise and re-rent. --47.155.xx.xxx
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