Tenant wants out of lease prior to occupancy?

Why would you need to charge rent? May 1 is a long ways off.... you can't find another tenant before then?

OP - I would recommend reading some of the stories on here about nightmare tenants especially if you decide to hold the tenants to the lease. I'm not an expert but my advice (as a human being) would be let them off the lease without charging them - shit happens. It's better to get stable tenant to save you headaches in the long run, even if that means having the place vacant while find them (again read some of the stories on here).

hierophant wrote: ↑ OP - I would recommend reading some of the stories on here about nightmare tenants especially if you decide for the tenants to the lease. I'm not an expert but my advice (as a human being) would be let them off the lease without charging them - shit happens. It's better to get stable tenant to save you headaches in the long run, even if that means having the place vacant while find them (again read some of the stories on here).

This,

It isn't worth the potential headache or hassle to fight this. You do have options but you should be able to let them go and find a new tenant. Lets say you do charge them until you find a new tenant. You do not want a tenant in there who can make your life miserable out of spite when the next tenant moves in

xxxray wrote: ↑ Why would you need to charge rent? May 1 is a long ways off.... you can't find another tenant before then?

Well ideally, you don't want a tenant who doesn't want at least 60 days notice. If it was my unit I would let them off and not relist it until June 1st.

Once you have people who are ok with June 1st and established that, then you can talk to them about a possible early move in date. I'd eat the month and keep it empty before I moved someone in who wanted it in less than 60 days.

Thanks all.

Is there a process to confirm termination of the lease? Any signatures required?

Honestly I would re-list ASAP and see if you can get another tenant. If you are, I would return their deposit.. if not, I would keep the deposit.

Electrah wrote: ↑ Honestly I would re-list ASAP and see if you can get another tenant. If you are, I would return their deposit.. if not, I would keep the deposit.

If it’s Ontario there is no deposit. There’s first and last month’s rent which has to be returned unless you want to get into shit with the LTB.

There’s a legal requirement for you to minimize your costs when a tenant walks out. You can’t sit on your hands expecting an authority to force the tenant to hand over rent. In Ontario at least.

NoamChimsky wrote: ↑ If it’s Ontario there is no deposit. There’s first and last month’s rent which has to be returned unless you want to get into shit with the LTB.

There’s a legal requirement for you to minimize your costs when a tenant walks out. You can’t sit on your hands expecting an authority to force the tenant to hand over rent. In Ontario at least.

God bless Ontario rental laws!

shanjam wrote: ↑ Hi:
Quick scenario:
Rented a unit to a couple for May 1. Deposit/last months is paid.
Couple breaks up. One party wants out and the other wants to stay.

Questions:
1. If only one wants out, what’s the procedure? We’ve rented the unit based on both incomes etc.
2. If both want out, am I able to continue charging rent until I find a replacement tenant?

Thanks.

Congrats you dodged a grenade.

If you didn't give them the keys, then have them sign a letter saying they no longer want to rent your unit. Once you have the letter, return their deposit.
If you did give them the keys, then have them hem sign a letter saying they no longer want to rent your unit AND ENSURE YOU HAVE THE KEYS. Once you do, return their deposit.

Relist, find new tenants and move on.

JayLove06 wrote: ↑ God bless Ontario rental laws!

It is incredibility stupid to be a landlord in ON.
The landlord business is uninvestable for ON.

seatiger wrote: ↑ It is incredibility stupid to be a landlord in ON.
The landlord business is uninvestable for ON.

That’s why I’m looking outside of Ontario.

NoamChimsky wrote: ↑ If it’s Ontario there is no deposit. There’s first and last month’s rent which has to be returned unless you want to get into shit with the LTB.

There’s a legal requirement for you to minimize your costs when a tenant walks out. You can’t sit on your hands expecting an authority to force the tenant to hand over rent. In Ontario at least.

Why would first month's rent need to be returned? It's going to be used for the first month whether they live there or not. They can't break the lease. Ofc if you find someone before then sure.

Electrah wrote: ↑ Why would first month's rent need to be returned? It's going to be used for the first month whether they live there or not. They can't break the lease. Ofc if you find someone before then sure.

It really depends how fast they can find a new tenant. If they do that before there lease starts it needs to be returned.