Lease Terms, Move Out Policy & Security Deposits

*Early Lease Termination Addendum*

In most cases our property owners require a 1 year lease term. On rare occasions due to hardship and special circumstances, it may be necessary for a tenant to move out early and break their lease. 

1. Owners and managers are under no obligation to allow a tenant to break a lease. 
2. A lease is a binding contract that shall be enforced whenever and wherever possible.
3. Tenant shall be responsible for any financial damages incurred due to early termination.
4. There is always a cost associated with breaking a lease. We charge a flat rate of $250 administrative fee on top of any loss of rent and loss of leasing fees for breaking a lease or moving out before the term of your lease expires.

If you are experiencing a hardship and need to break your lease for any reason, your first step is to notify us in writing of your intent to vacate. 

1.   Once you have notified us in writing of your intent to vacate early, you may choose to pay the balance of your lease and leave at any time. 

For example, if your rent is $1500/mo and you leave 2 months early, then you would simply pay $1500 x2 to complete the term of your lease.

1.   You may find a qualified applicant who meets our minimum financial and credit score requirements, and allow them to take over your lease term at the same current rent. You would be responsible for ensuring their security deposit is the same or greater than yours. 
2. You may allow us to show and lease your unit while you move out. In this case we would post the unit for lease and screen tenants, you would coordinate the showings and keep your unit in showable condition in order to minimize the loss of rent. Alternatively you could move out and allow us to re-rent your unit. This generally takes 2-3 weeks of time, which would be a cost to you. 
3. When we sign a 1 year lease, the owner pays a leasing fee, generally 75% of 1 months rent, for example a $1500/mo lease costs the owner $1125. If you break your lease, the owner suffers monetary damages and must be compensated. For example, if the owner paid a $1125 leasing fee, that equates to $94/mo. If you break your lease 3 months early, that is a $282 loss that must be paid by you in addition to the administrative fee of $250. Your total cost would be $532 on top of any loss of rent. 

Please make sure you have read and understand the terms of your lease and understand it completely. It is a binding agreement and we expect you to complete the term or pay for any losses if you are unable to do so.  

Move-out Checklist

Please remember to: 

• Remove all belongings and trash 
• Fill in any holes in the walls with painter’s putty/spackling
• Clean appliances inside and out
• Clean bathroom, under sink, around the corners of the shower, in the corners of the shower and any other mildew collection areas
• Clean all mirrors and glass surfaces
• Thoroughly clean the toilet all around it and the bowl
• Wipe down all baseboards in each room
• Wipe down the top of the cabinets and inside all cabinets
• Wipe dirty hand marks off of doors around the doorknobs and any major scuff marks on the walls where furniture rubbing created discoloring
• Sweep each room thoroughly
• Be ready to return ALL KEYS (including mailbox) and GARAGE REMOTES- if you forget to leave keys it will be a $150 deduction from your security deposit to rekey
• Email Laura that you’re all moved out to set up a move out inspection
• Make sure to send your new mailing address & let us know if anything needs to be fixed at move out 
• Do not overfill the trash or recycling, you must dispose of your unwanted items at the dump or good will. You will be charged $300 for any overages in the trash area or any large left over objects. 
• Your security deposit will be returned within 21 days with any deductions and the associated costs noted 

We expect you to be all moved out by [date].  If for whatever reason circumstances change, or an issue needs to be addressed, please contact us as soon as possible.

Approximate costs associated with move out neglect:

1. Leftover bulky items – $100-$300
2. Overfilled trash – $150
3. Not thoroughly cleaned – $185
4. Damage to wood floors – $250-$600 depending on damage
5. Unfilled nail holes or other holes in the walls – $195
6. Leftover items in refrigerator or kitchen cabinets – $150
7. Missing mailbox keys or front door key – $150
8. Failure to give 30 days notice – $150
9. Breaking a 1 year lease – $250

• Depressurized fire extinguisher with unbroken seal
• Worn pattern in plastic countertop
• Linoleum with the back showing through
• Tracks on doorjamb where door rubs
• Door off its hinges and stored in garage
• Stain on ceiling caused by leaky roof
• Well-worn keys”Sticky” keys
• Balky door lock
• Rust stain under sink faucet
• Loose, inoperable faucet handle
• Rusty refrigerator shelf
• Discolored ceramic tile
• Loose grout around ceramic tile
• Carpet steam unraveling
• Threadbare carpet in hallway
• Scuffing of wooden floor
• Wobbly toilet
• Rusty shower curtain rod
• Plant hanger left in ceiling
• Cracked paint
• Chipped paint (minor)
• Mildew around shower or tub
• Urine odor around toilet
• Discolored light fixture globe
• Odd-wattage light bulbs which work
• Light fixture installed by tenant which fits its location
• Window cracked by settling or high wind
• Drapery rod which won’t close properly
• Scrawny Landscaping which was sparingly watered due to drought conditions
• Faded shade
• Paint-blistered Venetian blinds
• Sun-damaged drapes
• Dirty window screen
• Ants inside after rain storm due to drought conditions
• Grease stains on parking space

Examples of Damages Caused by Tenants

• Key broken off inside lock
• Door lock replaced by tenant without management’s permission
• Depressurized fire extinguisher with broken seal (not used to put out fire)
• Missing keys
• Rust marks on carpet from indoor plant container
• Stain on ceiling caused by popping champagne or beer bottles
• Walls painted by tenant in dark color necessitating repainting
• Light fixture installed by tenant which must be replaced
• Neglected landscaping which must be replaced with similar plantings
• Burn in plastic countertop
• Sink discolored by clothing dye
• Missing faucet handle
• Painted ceramic tile
• Chipped or cracked ceramic tile
• Gouge in wooden floor
• Tear in linoleum
• Broken toilet tank lid
• Kinked shower curtain rod
• Chip in bathtub enamel
• Hole in hollow-core door
• Two-inch diameter hole in ceiling
• Crayon marks on wall
• Mildew where tenant keep aquarium
• Urine odor in carpet
• Missing light fixture globe
• Burned out or missing light bulbs
• Window cracked by movers
• Venetian blinds with bent slats
• Pet-damaged drapes
• Drapery rod with missing parts
• Missing, bent or torn window screen
• Fleas left behind by tenant’s pet
• Caked grease on parking space
• Carpet burn
• Missing door
• Torn shade

Please see: Wear and Tear vs Damages Chart and Security Deposit Deduction Guide for more detailed information.

Updated 9.2020