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The Buyout Policy for Apartment Leases

Regardless of your intentions at the beginning of the apartment lease, sometimes you need to simply get out of the lease agreement early. In this situation, one option to consider is buying out the lease. This involves paying the landlord a lump sum of money so that your lease obligations are eliminated.

Lease Buyout

    A lease buyout is an arrangement by which you get out of your lease term early by paying your landlord. It is similar to settling a debt with a creditor. Instead of paying the full amount of rent that remains on the lease contract, you pay a certain amount of money that is lower than this. For example, if you still need to pay a year's worth of rent, your landlord may require you to pay a lump sum equal to five months of rent to get out of the contract.

Lease Terms

    When determining how much the lease buyout should be, refer to your lease agreement. In most cases, the landlord will include a provision for a lease buyout in the lease. The amount that you have to pay is typically spelled out in the contract. If you kept a copy of the original lease agreement, refer to it to get this information. If you do not have a copy of the lease agreement, ask the landlord for a copy of the agreement.

Negotiation

    In some cases, a lease buyout provision is not included in a lease agreement. In those situations, you may be able to negotiate a settlement with the landlord. Approach the landlord and ask about the possibility of getting a buyout on the lease. The landlord may consider the proposal and determine how much he would charge you for the remainder of the lease. When the landlord makes an offer, you always have the option of making a counter offer.

No Buyout

    If the landlord is not willing to allow you to buy out your lease, you are still responsible for the remainder of the rent on your agreement. In this situation, you have to continue making rent payments even if you no longer live in the property. The landlord is legally obligated to try to rent out the apartment to another individual within a reasonable amount of time. At that point, you will get out of your rent payment to the landlord.


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