risks to breaking apartment lease?

[MisterServer]

so i'm thinking about possibly breaking the 1 year lease I have on my apartment. ASSUMING there is a clause in my contract that states it's okay to leave as long as you give 2 months notice (I seem to remember something like this being in the contract, don't have it in front of me at the moment though)... is it still possible that the apartment company can ruin my credit if they agree to the lease breaking? any other possible risks to breaking a lease? Thanks in advance

 

[dmw16]

if you break your lease in accordance with your lease agreement I dont think so. Do the people in your rent office like you? I would imagine that they could make it more or less difficult depending. Why are you breaking your lease?

 

[bennylong]

check your agreement. Cost $3,000 if I break my lease

 

[SmackD]

There's usually a clause that says you have to pay an extra months rent. Read your lease to find out.

 

[AgentJean]

Why are you wanting to break your lease?

That answer does effect your "risk" one way or the other.

 

[flexy]

whow...sounds like what we have here....would cost as at least 2G to break that lease.

 

[manlymatt83]

Originally posted by: MisterServer
so i'm thinking about possibly breaking the 1 year lease I have on my apartment. ASSuming there is a clause in my contract that states it's okay to leave as long as you give 2 months notice (I seem to remember something like this being in the contract, don't have it in front of me at the moment though)... is it still possible that the apartment company can ruin my credit if they agree to the lease breaking? any other possible risks to breaking a lease? Thanks in advance

Fixed. And I don't mean this is a joke. Be VERY careful. Most apartment complexes have terms for breaking your lease, and others say they will "let you", but it doesn't necessarilly mean they are OK with it. read the fine print carefully.

 

[Vic]

They can't ruin your credit simply for breaking the lease. They can however require that you pay additional fees and charges as penalties and forfeit your security deposit (if any). And they could take you to court and/or collections after the fact if you fail to pay the penalties, and that could damage your credit. Make sense?

Read your lease agreement. There could be ways to break it without penalty, for example, subletting (if allowed), finding a new tenant to take over the remainder of the lease term, or clauses that let you out of a lease if you are permanently transferred out of town by your work or if you purchase a home.

 

[z42]

Originally posted by: Vic
They can't ruin your credit simply for breaking the lease. They can however require that you pay additional fees and charges as penalties and forfeit your security deposit (if any). And they could take you to court and/or collections after the fact if you fail to pay the penalties, and that could damage your credit. Make sense?

Read your lease agreement. There could be ways to break it without penalty, for example, subletting (if allowed), finding a new tenant to take over the remainder of the lease term, or clauses that let you out of a lease if you are permanently transferred out of town by your work or if you purchase a home.

Not exactly true Vic. If they don't agree to let him break the lease, they can report him to the credit bureaus for rent that he doesn't pay. Usually you might have to pay them a fine for breaking it, and then it wouldn't damage your credit, but if the OP just walks away from a lease they can jack with his credit if they want to.

 

[43st]

It's the law that they advertise the place once you give notice. Any 'break lease payment' type crap is against the law.

Here's a MSN link I read recently on renter's rights.

 

[Vic]

Originally posted by: z42

Originally posted by: Vic
They can't ruin your credit simply for breaking the lease. They can however require that you pay additional fees and charges as penalties and forfeit your security deposit (if any). And they could take you to court and/or collections after the fact if you fail to pay the penalties, and that could damage your credit. Make sense?

Read your lease agreement. There could be ways to break it without penalty, for example, subletting (if allowed), finding a new tenant to take over the remainder of the lease term, or clauses that let you out of a lease if you are permanently transferred out of town by your work or if you purchase a home.

Not exactly true Vic. If they don't agree to let him break the lease, they can report him to the credit bureaus for rent that he doesn't pay. Usually you might have to pay them a fine for breaking it, and then it wouldn't damage your credit, but if the OP just walks away from a lease they can jack with his credit if they want to.

Rent is not reported to credit bureaus. It's not an extension of credit.