I am in a Lease with Purchase option that does not expire until next year, however I have to move. How can I get out of the agreement legally
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I am in a Lease with Purchase option that does not expire until next year, however I have to move. How can I get out of the agreement legally
Lease with option to own agreement that ends June of 2017, however I need
to move out of state due to a job transfer. Can the Landlord sue me for the
last years rent? I know she keeps the escrow but does she keep the security
deposit as well?
Thank you
Asked on May 31, 2016 under Real Estate Law, Arizona
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
1) If you leave before a written lease is up, the landlord may sue you for the entire remaining amount of rent. There is no right to break a lease early due to a job transfer; in the law's view, that is your concern, not the landlord's, because the landlord has nothing to do with your transfer.
2) The landlord can definitely keep the security deposit and apply it against the unpaid rent. That is one of the functions of a security deposit.
3) While you have to check the specific terms of your agreement, to see what it says about the escrow for buying the home, if you pull out of the transaction now, she can most likely keep the escrow, too, if you fail to buy.
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