How To Terminate Your Lease Agreement And Not Hurt Your Credit

Apartment management companies place places in your lease agreement that protect you against certain situations that require you to break your lease … Typically, these clauses protect the rental property more-so than the renter, but soon, these clauses can protect you, and your credit, in the event that you need to break you lease and…

Apartment management companies place places in your lease agreement that protect you against certain situations that require you to break your lease … Typically, these clauses protect the rental property more-so than the renter, but soon, these clauses can protect you, and your credit, in the event that you need to break you lease and move from the community.

Most apartment communities put a clause in the lease agreement that allows active military personnel the right to terminate their lease provided they can show documentation to prove they're being shipped somewhere not within the local area their apartment is in. A normal lease agreement may stipulate that the renter still pay an additional 30 days of rent to accompaniment a 30 day notice period, but you will then be able to leave the apartment community without damaging your credit.

Many apartment communities offer a lease-break fee as an option to get out of your lease early without hurting your credit. In many situations, a lease-break fee is equivalent to one month's rent, and is paid at the time you break your lease. You would pay the lease-break fee, along with an additional 30 day notice (and rent owed for those 30 days) at the time you give your notice to move. The only catch is that if you received any additional specials when you moved in, a lot of apartment communities will require that you pay those back since you did not fulfill your full lease, but this will save you from a hurtful ding on your credit score.

During this economic recession, many apartment communities are putting addendum's into their lease agreement that state, “if you lose your job while living in our community, you can break your lease and move without paying your lease-break fee.” This means that if you can provide proof that you were laid off from your job while living in the apartment community, the manager will waive your lease-break fee and let you move provided you still give a 30 written notice to vacate and pay rent for those 30 days. If the lease-break fee is one month's rent, that's certainly a deal and should not be charged about by any renter. The only catch is that you must be let go due to economic reasons and not fired from the job, or quit the job on your own.

These are merely ideas to help you understand certain situations where you can move out of an apartment community early, and avoid any negative ding on your credit score. Of course, each community you move to will differ, this will be a good starting point for any potential renter.