Monday, January 6, 2014

Ending a lease contract

As a landlord, you will inevitably encounter having to end a tenancy every so often. Whether the tenant has decided to move or you initiated the end of the lease, there are several steps to take to ensure a smooth parting of ways with your tenant. 

Setting the notice period

Whether the tenant has decided to move or you initiated the end of the lease, there are several steps to take to ensure a smooth parting of ways with your tenant.

For cases where you are going to initiate the termination of the lease contract, you have to give your tenant notice. Check with your local government office to know the notice period required. This may also depend on the type of lease, your personal agreement with the tenant and the grounds for termination. 

Delivery of the written notice

Deliver the written notice to your tenant and discuss it with him to avoid any misunderstanding. Inform him of your reasons for your ending his tenancy, be it a breach of the agreement or personal reasons. Make sure the notice has your signature and the date you delivered it. Indicate the actual date your tenant is required to vacate the premises. 

Property inspection

Do a thorough inspection of your property, and look out for any damages that should be charged to your tenant. Make a clear distinction between simple wear and tear and actual damage. Show and explain the cost of damages, if any, to your tenant. 

Security deposit

A security deposit is usually requested by the landlord at the start of lease contracts. This security deposit should be returned, after the cost of damages to the property and other contract breaches are deducted from the amount. Have your tenant sign an acknowledgement receipt for the security deposit to prevent any disputes or problems later on. 

Returning keys

Make sure the tenant returns keys to all doors and locks of the property. This will ensure your safety and convenience for your next lease as well. - Aislinn Kee 


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