Author Topic: Rental Advice Needed  (Read 594 times)

Mustache ride

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Rental Advice Needed
« on: June 22, 2018, 11:43:38 AM »
I need some help on trying to maneuver my way through the sale of my house and into a rental. I'm closing in roughly 4 weeks and have a place to rent lined up. Ideally we would move in the week before we close so we have the weekend to move all of our stuff. The issue is I'm hesitant to sign a lease that will put me on the hook for a lot of money without a guarantee that the house sale goes through. Has anyone had a clause added to a lease agreement with an opt-out clause? Basically like a contingency on a house? I'd be willing to pay a few months rent to compensate the landlord for his risk. Does anybody have any experience with this, either as a renter or landlord? I've never rented before so I'm not too familiar with the process.

GizmoTX

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Re: Rental Advice Needed
« Reply #1 on: June 22, 2018, 05:59:31 PM »
Read the actual lease of the rental you are considering before filling out & paying for a rental application -- the lease should spell out any no-go, early termination, or other penalties or fees. Do NOT assume that all rental agreements are alike or standard. If the agreement only provides for the entire amount of the lease, propose that a one or two month no-go fee be assessed instead, since you have such a short period until your close, & get it added as an Addendum that you both sign. What I'm calling a no-go is where you must terminate in less than a month after moving in. You should have a big enough earnest money deposit connected with your sale to cover a no-go fee.  If there is an onerous no-go fee, negotiate it down for your case or find a rental that will.

Fishingmn

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Re: Rental Advice Needed
« Reply #2 on: June 23, 2018, 07:10:44 AM »
All up to the landlord and lease.

My lease would allow this. Basically, you are on the hook until I can find a new tenant. At that point you can get out with a $1,000 lease break penalty. See if a landlord might allow something like that.

Mustache ride

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Re: Rental Advice Needed
« Reply #3 on: July 04, 2018, 06:00:09 AM »
Thanks for the advice. I was able to get the 10 day opt out clause added for about 3 months of rent paid upfront, which seems pretty high to me. Unfortunately I don't have much leverage and will probably have to accept this as I don't have any other viable options. I guess I'd rather pay 1/4th of the lease upfront than not have it and be potentially on the hook for much more.