I feel like I should apologize by asking another ELT question. I did conduct a search on the Q&A forum (2020 search). I did see some good information (thanks), and attempted to resurrect a thread by asking this question. But didn't work so I started a new thread.

I'd like to give you an example based on (Brad's 60-day notice [2 calendar months] requirements. Will you let me know if my understanding is correct?

Rent term is June 1, 2021 through May 31, 2022. Rent is $1,375.00/month. Tenant submits written notice on December 15, 2021 of her intent to break the lease. She wants to pay the ELT and associated fees. Is my understanding correct (using Brad's 60-day notice criteria):

Tenant would owe $5,500. (ELT of $2,750.00 plus January 2022 and February 2020 rent). And tenant vacates by December 31, 2021.

Then in 30 days I would refund the security deposit (in accordance with the Law).

I might have another question based on your responses (thank you to any of you who will reply), but that's my question for now.

Plenty... a future example. February 2022, my typo.

(Tim) It doesn't seem like a penalty if tenant could stay through end of February.

Are you saying (in the hypothetical example) tenant could pay $2,750, move out end of December, and lose the $1,375 security deposit?

Cue,

Absolutely check YOUR state's laws.

MY judge in MY city says we can do whatever we want with the property once the res turns over possession, not considered double dipping.

Very important: The ELT is a FEE, spelled out the the lease as a FEE, NOT as a factor of the rent. MY judge says we cannot charge more rent once they move out but WE have no limit on FEES.

I agree with your example, in fact it is spelled out clearly in my lease, like your example.

We will apply the deposit to any unpaid rent and damages, with the remaining deposit balance applied to the ELT and the 60 of rent. Helps soften the blow.

We encourage residents to turn over possession rather than elbow us out during those 2 months by reminding them "Vacant houses attract vandals, rocks, fires, graffiti, squatters, druggies, etc and the res would be responsible for those things while they retain possession."

We do have many people who choose to stay the term of the lease - which is OUR goal, reducing turnover. We know when they will be leaving , don't have to worry about it now, and have time to prepare the curb appeal and start marketing to minimize our turnover gap.

Don't be shy. MANY people are happy to pay this to move on.

I just finished a move out deposit settlement before reading your post. The wife wanted off the lease so she quickly paid $1875 to walk away from her husband and his dog.

(Apparently the dog was a source of contention in the marriage)

BRAD

I have a lot of college student rentals. They LOVE the early buy out fee option - many of them can get their employer to pay the fee for them as part of their start up package!

Yep, your numbers look correct to me.

I haven't made enough on ELTs to buy a Porsche yet, like Brad, but it has boosted our income as we usually get 3-4 of them per year. Several thousand extra bucks is never a bad thing!

My only confusion is are YOU making the tenant leave by the 31st of December or is that when the tenant is stating they want to vacate?

Outside of that, as long as they pay everything, sure. My lease (ELT clause) typically will state you still need to provide the 30 day notice (minimum) and you need to pay while you are still here ... so if they provided me with a 15 day notice to vacate ... that wouldn't necessarily fly with mine. However, if they were GOOD tenants and PAID everything (the ELT notice) as they provided the notice I MAY allow it. I mean, typically this is used for people that ended up getting a job offer and have to move so that's "fine".

If they are just moving because the place isn't big enough or whatever and they just happen to find another one then I'd question a bit more (such as ... they would KNOW they were looking for another apartment and should have provided that information to me) vs looking for a job OR a job MAY just reach out to them (I've had that happen where I had a professor that was contacted by a head hunter and they ended up taking the job out of state - they weren't "actively looking" for another job.

Cue: "So what about 60 day notice?"

I am thinking as Jerry.

What about the 60 day notice?