Breaking up in hard to do. It’s an emotional time when tensions can climb and the two parties involved have differing opinions on how to best rectify the problems and move on. We’re not talking relationships here, we’re talking breaking a lease. And whether you’re the landlord or the tenant, there definitely needs to be some civil negotiation for both parties to be happy with a property lease out.
Leases Are Legal Documents with Consequences to Being Broken
In the whirlwind of activity that comes when a tenant finds an appropriate property and signs that lease, there’s an often-overlooked reality: a lease is a legal document with real terms that have to be met throughout the duration and ending of that lease. True, there are laws that protect both the landlord and the tenant in these situations, but there’s expertise required to handle property lease out services when a tenant wants to break that contract. Before negotiations can start, it’s important to know why the tenant wants to break the lease. There are all kinds of reasons why someone wants to get out of a lease they’ve signed: perhaps there’s been a break-up in their own relationship, they could be switching jobs and moving to another province, they could have lost their job and can no longer afford to stay, or perhaps they’re just tired of living in a rental property with bad property managers. Every landlord has heard all the reasons. As a property owner, it’s vitally important to analyze the situation and make decisions that are legal and fair; in truth, a landlord might be legally bound to release the tenant without damages depending on the situation. In those cases, it’s often better for the landlord to work with the tenant to mitigate the situation quickly and compassionately.
Take job loss as an example. While a landlord could hold a tenant liable for rent, not breaking the lease means that landlord now has a tenant that is unemployed and perhaps not able to pay the rent for a long period. Allowing the tenant out of the lease may be less of a hassle; quickly renting that unit to a paying tenant is a great way to mitigate any potential financial loss. A property manager tasked with property lease out responsibilities has to look at each situation differently. Battling every tenant who may want to break a lease could earn a property owner or a property management company a reputation as bad landlords; that could jeopardize the ability to find tenants when vacancies happen. On the other hand, property managers should do everything they can to develop iron-clad lease agreements so that the tenant knows prior to occupancy that the lease is binding and you will hold them financially responsible until the end of the lease. Property owners should definitely have lawyers on retainer as advisors to help craft strong lease agreements. Both parties – landlords and tenants – should be aware of their rights and responsibilities prior to the signing of any long term lease.
Ashbridges Property Management Can Help
Google “property lease out services near me” and if you’re in the GTA you should find Ashbridges Property Management listed. Ashbridges is a professional property management company operating in the Beaches area of Toronto that provides a full menu of services, from tenant acquisition and leasing to property maintenances. Managing tenants can be difficult – lease it to the pros at Ashbridges.