Blog Post

Break Lease

BREAK LEASE OBLIGATIONS

When a tenant moves out prior to their lease expiration date, they must meet two obligations: 


❱ Payment of rent and utilities through the date of their lease expiration or the date we move in a new tenant, whichever occurs first.


❱ Payment of a break lease fee equal to 50% of one month's rent.

BREAK LEASE FEE

The break lease fee is paid out to you as income. That income will offset the tenant placement fee charged by our office to you when we place a new tenant.


It’s important to note that the break lease fee may not be paid out to you in the same month that the tenant placement fee is charged. Depending on the date the fee is paid by the tenant and the date we place the tenant.


MARKETING

If a tenant chooses to break their lease, the tenant must pay their break lease fee before we will market the property for rent.


It is important to note that the rent rate cannot be increased from the amount the break lease tenant is paying if we hold them to the break lease process.. This is an important consideration when determining whether it is best to hold the tenant to the lease or allow them out of the lease early without penalty.

Property Management Tool Kit
May 26, 2023
Established in 2005 Windermere Property Management exclusively manages properties with the focus of preserving and enhancing the value of investment properties. We provide professional management for single family, multi-family and commercial units. Our full service management allows owners to focus on other aspects of their investment portfolio, while ensuring that their properties are well-managed and profitable. EXPERIENCED TEAM Our staff includes four licensed real estate brokers with 30 years combined experience. You also have access to our in-house maintenance company that employs a handyman, landscaper, residential and commercial cleaners as well as on-call staff for after-hours emergencies. SERVICES FOR OWNERS ❱ Marketing: WPM markets your rental online and distributes to our pool of pre-qualified applicants. Each property receives a “for rent” sign in the yard and a 3D virtual tour. ❱ Tenant screening: We professionally screen applicants, negotiate lease terms, collect deposit/rent/fees, sign lease/addenda and complete move-in walkthrough with tenant. ❱ Rent collection: We collect rent and any applicable fees from tenants on behalf of the property owner and ensures that rent is paid on time. ❱ Maintenance and repairs: We have an in-house maintenance team to handle service and repairs for rental properties or we coordinate with contractors to ensure that the property is well-maintained. ❱ Property inspections: We complete the move out walkthrough, coordinate any work such as cleaning and repairs. Additionally, we conduct annual interior inspections on each property. ❱ Lease management: Throughout the lease of your property, we handle lease agreements, including renewals and terminations as well as handle tenant inquiries/concerns on your behalf. ❱ Financial reporting: Owners have 24/7 online access to copies of monthly cash flow statements, paid invoices, copies of leases, and other important documents. Owners also have the ability to make an owner contribution via their portals.
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