Breaking the Lease: What To Do If Your Tenant Never Moves In
Finding quality tenants is hard enough to do on your own. What happens when you find a tenant that decides at the last minute not to move in? This breaking of the lease before moving in could happen due to a number of reasons. For example, they may have transferred their job or had an emergency come up that they weren’t expecting.
Whatever the case is, how do you respond? What are the steps you should take to ensure you don’t get left in the dust? There are many different avenues to take. However, here are a few of the ones you can consider as the property manager in Chicago.
Once you and the tenant have signed the paperwork, you are now in a legal agreement. This means that you need to take proper steps if they decide to back out. First, ask for some type of documentation that they are breaking the contract with you. This could be a letter of intent. If they can do so, be sure to ask for a 30-day notice. Also, make sure to stop and explain what the process will look like from here forward.
Early Cancellation Notice
This needs to be added to your lease agreement. An early termination letter will be proof of action needed on their part such as fees owed. This will be your proof if you need to pursue legal action due to the lack of payment of any fees during the process.
Lease Termination Addition
Before you sign the lease with your tenant, make sure it is updated and has a termination clause inside. If you haven’t updated your paperwork in while, do so now before it becomes an emergency. Make sure you spell out exact terms and what will happen if they break the lease early.
One thing to remember is that the security deposit is there for situations such as this. It’s important to know what your laws are in Chicago. Some areas will not allow you to use the deposit to pay rent while others will.
All of this can easily be handled without the stress and hassle when you work with an outstanding property management company in Chicago such as Connected Management. Our team works as your agent to help you find quality tenants, manage rental payments, and deal with early lease terminations.
If you want to have a pain-free investment strategy, discuss your management options with our firm. We make sure you’re staying in compliance as a landlord, find you the right tenants, take care of maintenance and so much more.
Contact the office today to learn more about how we can help take the hassle out of your Chicago property management.