How to End an Apartment Lease for a House Purchase
If you've purchased a home but your apartment lease is not up for renewal, you need to terminate your apartment lease early. While some leases allow for termination with minimal or no fees when the lessee buys a home, almost all leases require a set amount of notice before the lease can be terminated. As soon as you and the seller have agreed on a sales price and underwriting has given you loan approval, you need to terminate your apartment lease.
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Instructions
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Read your lease to determine the steps you must take to end the lease and the penalties you will incur by terminating the lease early. Your lease will probably require you to provide the termination information to the property manager in writing.
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Type or write a letter to the property manager explaining the reason for ending the lease and providing your move-out information.
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Speak to the property manager and give him your termination letter. Ask if he will forgo the early termination penalties or agree to a lesser amount. The property manager may have the authority to reduce or eliminate the penalties in certain cases, so you should always ask.
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Prepare a check for the termination penalties and any pro-rated rent due at move-out and pay the property manager when the money is due.
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Tips & Warnings
Some leases call for a payment of a portion of the rent until the unit is released. If the property management company is still billing you a monthly fee, visit the property to ensure that the unit is still vacant. Many states prevent property management companies from double-dipping on rent payments for a single unit.
