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We had to relocate for my husband's job and the market wasn't right for selling our house. We ended up renting it last November. This past week, my husband's company told us they need him back at the old location by mid July. We could probably get them to push it back until August or possibly the first of September.
The lease is up on November 1. We would like to ask the tenants if they are willing to move out earlier. What do you think would be fair compensasion for us to offer them? I totally understand if they say no, but figure they just might like the opportunity to get settled in a new place before school starts instead of having to move in November. If you were our tenant, what would you think is a reasonable offer?
If I were your tenant, I would agree to it in exchange for the equivalent of one month's rent as well as moving expenses paid (moving truck, any utility transfers, maybe even the cost of movers). The one month's rent would be pretty close to what would be required for a security deposit on a new place, meaning I wouldn't have to suddenly come up with lots of extra money out of my own pocket (when otherwise I'd have 2-3 extra months to come up with it).
That is about what we were thinking...and of course they will get their deposit back right away. We are trying to do the math and figure out if it will cost us more to compensate them or just pay for our own short term housing.
If we decide not to go this route and just have my husband live in an extended stay while I stay with the kids here, until we can have the house, we will let them know right away that we aren't extending the lease...that way they can start saving up for their deposit.
With kids, I think you should try to get them settled back in the old home place as soon as possible. You don't want to uproot them after school starts.
Who knows!! Maybe your tenants have been trying to think up a way to get out of the lease early. I'd tell them that you will be coming back and haven't decided what to do yet. Maybe they will have a suggestion.
I think what the other poster suggested which is one month rent + deposit back....I'm not sure if I would offer to pay for them to move since they have to do that anyway.
I would keep that as a negotiation item if they say "NO", you can go back to them and offer that as well...always keep some leverage....that is part of negotiating a deal, you don't start given all at once.
I would just start it as an open conversation. Like someone else said for all you know they have been looking for a way to get out of the lease early.
But one month of free rent plus getting the security deposit back immediately seems fair to me if they push back.
Two great points.
The other point though... is that with YOU moving back into YOUR home you really aren't obliged to give them anything beyond notice of your intention to recover the premises.
So *anything* beyond that minimum (30 day?) notice is in the "being nice about it" column.
Being nice about things counts for a lot.
The other point though... is that with YOU moving back into YOUR home you really aren't obliged to give them anything beyond notice of your intention to recover the premises.
So *anything* beyond that minimum (30 day?) notice is in the "being nice about it" column.
Being nice about things counts for a lot.
This is what I can find for NJ related to this. If I am reading this correctly, it sounds like the terms of the lease would still stand.
l. The owner wants to live in the apartment or house
Notices required:
Notice to quit—must be served on the tenant at least two months before filing the eviction suit. If there is a written lease, the eviction suit cannot be filed until after the lease expires.
Comments:
Only applies where (1) the landlord is converting the apartment into a condominium and wants to sell it to a buyer who will move in; (2) the owner of three or fewer condominium or cooperative units wants to move in, or is selling the unit to a buyer who wants to move in; or (3) the owner of a house or building with three or fewer apartments wants to move in or is selling the house or building to a buyer who wants to move in.
If the landlord is selling to a buyer who wants to move in, there must be a contract for sale and the contract must state that the house or apartment will be vacant at the time of closing.
The buyer or owner must intend to live in the house or apartment and not convert it to commercial use. Cite: Aquino Colonial Funeral Home v. Pittari, 245 N.J. Super. 585 (App. Div. 1991).
What do you require of them if they wanted to break the lease with you? Fair is fair.....look at the lease and give them what you'd expect from them. IE: full deposit, two mths rent or lease paid in full.
It doesn't matter that it's your house and you want to move in..you signed a lease with them that isn't up until Nov....either honor that lease or pay them to break it.
give them whatever they would have had to give you if they broke the lease.
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