Home Buying in Manalapan>Question Details

Pegasik02, Home Buyer in Manalapan, NJ

I am under rental contract which expires in September. But, I purchased condo. Can I under there circumstances cancel rental contract without penalty?

Asked by Pegasik02, Manalapan, NJ Tue May 1, 2012

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Again Peg, this is not legal counsel or is it meant to be. But, rather an observation from experience. There is nothing here that is anything but the obvious, already written on paper, lease, your relationship with the landlord and common sense.

You need to look at two things,

1) The lease
2) Your relationship with the landlord.

As with any lease or “contract” you are liable to the landlord for the full term of the lease. But, if you approach the landlord and discuss your situation and he/she has plenty of time to get the unit rented you may be able to break your lease. But, that depends on your relationship with the landlord.

From my experiences, most property owners understand the tenant’s situation when afforded the opportunity to buy their own place and letting them go early. But, I have also seen others that have not “let them out” of the lease, holding the tenant responsible for the remainder of the lease and you may need to get a lawyer involved on your behalf.

Good Luck and let us know what happens!
2 votes Thank Flag Link Wed May 2, 2012
One possible solution is to ask your Landlord to allow a "replacement" tenant. While you are waiting to close look for a new tenant. This way the landlord doesn't lose rent. Ask your Landlord and by all means check with an attorney if all else fails.
2 votes Thank Flag Link Wed May 2, 2012
Generally most landlords will let you out of a contract so long as you give them ample notice (60-90) days to find a new tenant.
1 vote Thank Flag Link Fri May 4, 2012
BROKERS AND AGENTS ARE NOT ALLOWED TO GIVE LEGAL COUNSEL ON THE TERMS OF AN ALREADY IN EFFECT LEASE, and especially when there is not even a client relationship with the person asking the question....You are wrong JOHN S. Broker. I am a New Jersey Licensed Real Estate Continuing Education Instructor, I am a NY Real Estate Instructor , I am a NY Individual Licensed Real Estate Broker and a NJ Realtor Associate* with Robert DeFalco Realty and I have worked out of North Brunswick and I have also sold houses and rented properties in Manalapan . office #732 845-3200
0 votes Thank Flag Link Wed May 2, 2012
As the other agents have states below, realtors cannot provide legal advice. You will have to consult an attorney. If this stipulation was in your lease it should be clear. However I can say that I have never seen a stipulation of this sort in a lease allowing a tenant to end because they purchased home.

William F. Troy
Broker-Salesperson
REO/HUD Director
Pre-foreclosure Specialist Mastery Certification
RDC PRO, SRES, e-PRO, CDPE, Luxury Home Team
Veltri & Associates Realtors
121 Washington St.
Toms River, NJ 08753
Office-(866)483-5874 ext. 422
Cell- (732)600-1570
Fax- (732)557-6425
wtroy@veltrirealtors.com
http://www.veltrirealtors.com
0 votes Thank Flag Link Tue May 1, 2012
Even though Brokers and Agents may have the knowledge to answer your question, however you you need an Attorney to answer that for certain. Real Estate Agents are not allowed to give Legal Counsel. Ellen Barton,Realtor~ Associate, ROBERT DEFALCO REALTY, (732 )845-3200,
0 votes Thank Flag Link Tue May 1, 2012
That would depend on the specific terms of your rental lease agreement. There should be very clear terms laid out in your lease as to what happens if you want to terminate your lease early.
0 votes Thank Flag Link Tue May 1, 2012
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