National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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In my cases you can terminate your lease with the landlord. Some factors may come to play. You may want to talk with an real estate attorney for the best answer. If you need a number of one in your area feel free reach me anytime. You may not want to say anything to the landlord until this is a decision you are sure of. There are alot of great offers going on for first time buyers You may even need to see if you are able to purchase so you should be pre-approved. I have a book I give all my first time home buyers. I would like to give you a copy if you are interested. It's FREE. I am a first time buyer specialist (ABR) designation which means I have extra training in this field. Hope this helps.
And consider this: You break your lease, and your landlord has every right to report you to credit bureaus, sue you for the remainder of your lease payments, etc. In addition to making your life miserable, those actions might also significantly lower your credit score. Hey, in today's market, if I were a lender I wouldn't want to lend to someone who had deliberately defaulted on a lease.
Your best bet is to talk to your landlord and explain that you are buying your first home.Then whatever is decided make sure you have it put in writing and signed by both parties. If your landlord can rent the house right away, you may be ok. If not you may be held to pay rent until it is re-rented or the lease ends. Whichever comes first. You may also have to forfeit your security depoist.
A lease is a binding, enforceable contract.
Maybe another way to handle this is to discuss your situation with your landlord.
If your landlord is agreeable to terminating your lease, get the termination in writing.
You may want to offer to allow your rental to be shown during your transition to accommodate the landlord's getting a new tenant
Best of luck