Early Termination FAQ
There are a number of life circumstances that can cause a tenant to contact us and ask "what happens if I can't finish my lease term?"
This is called Early Termination and there are no provisions for this in your Lease. The Edwards Companies and the owner of the home agreed to rent it to you at the given price based on the agreed upon term of your lease. Had we known at lease signing that you desired a shorter term, we may have not rented you the home or rented it at a higher price. We understand that unforeseen circumstances can occur and there is usually an agreeable method for tenants to terminate their lease early.
When you want to move early and wish to do so in a way that follows the lease agreement and avoids negative consequences, all of the costs of your decision to terminate early must be absorbed and paid by you, not the property owner. This is a simple concept for most to understand. The owner of your rental has no obligation or desire to subsidize your moving costs by absorbing lost rent and other turnover expenses created by your early departure, so all of the financial consequences of your decision to leave early belong to you. Generally this involves the following steps:
- You must provide written notice of your intent to terminate early, including a move-out date.
- Your written termination notice must include payment of the actual costs associated with re-renting your home. These costs vary by property, but include advertising, agency fees, cleaning fees, etc. These fees are typically in the range of 50% - 100% of one month's rent.
- You must continue paying rent each month, until a replacement tenant is found and starts paying rent for you.
- You must continue your utility services after vacating, until a new tenant moves in.
- You must arrange for lawn service after you vacate, until a new tenant moves in.
- Once this is accomplished, you leave with a good rental history, receive your deposit refund, and have completed your lease agreement on good terms.
Advertising, Showing, and Re-Renting
Please note that, as part of the re-renting process, the Owner reserves the right to place a “For Rent” or other type of advertisement signage on the grounds of the property. In cases where the Resident has provided an Notice of Early Termination, the Owner or its Agent will strive to re-rent the home as soon as possible. Often, this will be in the best interest of the terminating Resident and the Owner. Please refer to your Lease agreement regarding Owner access and provisions of Notice.
For the purpose of re-renting, Residents understand that the following will occur:
- Showing Start Date: Advertising and “showing” of the property (by group "open house" format or 1-on-1 tour) will typically begin no later than 30-60 days prior to the current Resident's agreed upon Lease end date. In cases where Early Termination has been provided by the Resident, such showings will typically begin immediately. As such, these showings will be in an open house format in an effort to maximize the short window of time for re-renting provided by the early termination notice. This process is also the most convenient for all parties involved.
- Scheduling (Weekend or Week Day): The Resident understands that the Owner or its Agent will often schedule 1-3 hours per week to show the property, as necessary. In most cases, showing times will be scheduled during weekend hours, but from time-to-time, weekday showings may be scheduled.
- Showing Coordination by Residents: Residents should understand the importance of allowing access to the Owner or its Agent for the purpose or showing and re-renting of the property. Residents are encouraged to assist the Owner or its Agent during the re-renting process to allow for a smooth transition of tenancy.
- Notice of Scheduled Showing: The Owner or its Agent will make an effort to provide a 48-hour notice. However, in some case, a 24-hour notice may be necessary.