Jump to content
The forums have been archived and are now read only. Years of great info saved for your reading pleasure. Thank you! Visit us on Facebook: https://www.facebook.com/NakedInvestor/ ×
The Naked Investor Forums
shane

Tenant buyers moving out

Recommended Posts

Hey everyone,

 

I was just given notice by my tenant buyers a little over a year into a 2 year lease purchase agreement that they want to pack up and move out. They realize they signed a contract and are aware that they are forfeiting all their rights under the agreement. The reason, they can't stand their neighbor.

 

My question is, should I be getting them to sign anything, like a cancellation agreement, or something along those lines to avoid any conflicts in the future? I'm not sure what standard procedure is to cancel a L/O.

 

 

 

P.S. check out my free real estate listings website: www.yourhomechoices.com

 

Everyone including realtors, landlords, property managers and private sellers are free to use it.

 

Feedback for my site is appreciated too.

 

 

Shane

Share this post


Link to post
Share on other sites

Shane, how much notice did they give you? And how difficult will it be to find a new tenant? How much option money did they put down? I don't know the wording in your contract, but they are liable for damages if they break the lease.

If you want something in writing, draw up a simple document that covers your back. Something stating that they are leaving on their own accord, and realize that in so doing that cannot collect any of the money paid you during their lease, etc. You may also want to try to get come sort of financial settlement from them as a penalty for breaking the lease.

And you may want to run this one past our Legal Eagle.

Share this post


Link to post
Share on other sites

×
×
  • Create New...