Home Buying in 34786>Question Details

Cristine, Home Buyer in Orlando, FL

Help... need to break a lease and buy a bargain !!!

Asked by Cristine, Orlando, FL Fri Dec 5, 2008

I found a great deal on a house purchase and interest rates are fabulous right now. How on earth can I get out of a one year lease legally. I have 6 months left on it.

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good luck and congratulations keep us updated, feel free to ask questions during your transaction.Call me if needed

David Chamberlain
1 vote Thank Flag Link Fri Dec 5, 2008

Have an attorney review your "lease agreement" relative to possible options you might consider.

Good luck
1 vote Thank Flag Link Fri Dec 5, 2008
Christine: You signed a contract which has terms which bind and require each party to perform certain things. Your lease contract will determine what your obligations are. Remember that if you walk your contract, your landlord can file a judgment against your which could have an effect on your ability to qualify for a mortgage. Do what you think is right for you, but remember that lease contracts and purchase contracts have obligations. Consult your Realtor on this matter-we do this every day and can assist you in making a good decision.
Web Reference: http://www.ERAHouston.com
1 vote Thank Flag Link Fri Dec 5, 2008
Trey's answer is a good one. I have rental property, and if this situation comes up, and I can find another tenant, I have no problem with releasing the current tenant from their lease. This also can encourage the tenant to bring another renter. As long as my expenses are covered by tenancy, I have no problem releasing someone from a lease. Everybody wins if you can work it out together. Good luck, and I hope you get your great deal--you also have to look at the big picture. Maybe you can put off the closing date--that can be negotiated in the contract for sale -- if it takes 3-4 months to get to closing, you might save in the long run to just go ahead and purchase the home anyway. Something to consider. Good luck!!
Web Reference: http://www.MykeTriebold.com
1 vote Thank Flag Link Fri Dec 5, 2008
christine, only you know what is best for you.I love Real Estate because I like when people have a chance to own their own home. Even though I am not involved in your transaction I would be ecstatic if you got to own your own home. good luck.
Make sure you get pre-approved for a loan before you make a decision.
1 vote Thank Flag Link Fri Dec 5, 2008
Unfortunately, it doesn't go both ways. I had a similar situation when my wife and I had renters. They wanted to buy a condo where the rental was so we made a deal with them. If they could find a renter to take their place then we didn't have a problem. Otherwise, they would have to pay rent until we found another renter to take their place. Luckily they found someone quickly and we didn't have any problems. I would suggest reading the lease again to see what the penalties are for breaking your lease.

Good luck,
Trey Miller
Web Reference: http://www.TampaTrey.com
1 vote Thank Flag Link Fri Dec 5, 2008
Cristine, perhaps your agent for the house you want to buy can find you a renter for the house you're in. I broke a lease that way when I bought my first home.
1 vote Thank Flag Link Fri Dec 5, 2008
talk to your landlord, allways keep the lines of communication open.you might be suprised by the reaction.
1 vote Thank Flag Link Fri Dec 5, 2008
Christine-If you sublet, make sure your lease provides for that . Most of the leases I see require landlord approval. Enjoy the holidays and congratulations!
Web Reference: http://www.ERAHouston.com
0 votes Thank Flag Link Sun Dec 7, 2008
I am just totally in awe at all of you who have come through with advice. I read each and every answer and have just been so thankful for each and every one. Thank you all.

Being in the military for many years and through many moves we have ALWAYS rented first until we got to know the area. This is the very first time I have ever even considered breaking a lease. As i read all of your good advice I have decided to go ahead and make the offer on the house tomorrow. Full price offer if they pay my lease off which comes to about 9900 bucks.

My mortgage guy says he can have us closed by the end of the year which would help with homestead and veterans tax exemptions in Florida. If our offer gets accepted WITHOUT the lease payoff amount, then I will go ahead and put up a flyer at hubby's job to see if there are any takers. I'll even discount my 1650 a month rent to like 14 or 1500.

Thanks again for helping me get my wheels-a-turnin...Merry Christmas !!!
0 votes Thank Flag Link Fri Dec 5, 2008
Oh and they were sure to put in the lease that they can kick us out if they decide to sell with only 30 days notice. Does that work both ways???
0 votes Thank Flag Link Fri Dec 5, 2008
Thanks Gene. But I wasnt looking for your sympathy, just good answers and advice that I may consider to help my case, NOT to judge it. Have a great evening.
0 votes Thank Flag Link Fri Dec 5, 2008
Thanks Dave, but I dont know the landlords. Just their management company which is a real estate company.
0 votes Thank Flag Link Fri Dec 5, 2008
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